India's Info Edge targets $100m for debut fund
Info Edge India, the holding company for Indian jobs portal Naukri, is looking to raise INR7.5 billion ($100 million) for a debut venture capital fund.
The listed holding company announced in a January filing that it would look to raise INR1 billion for the vehicle. It has now confirmed in a presentation that INR3.5 billion has been committed from its balance sheet and a further INR4 billion will be raised from external investors.
The fund has made investments in four companies totaling INR408 million so far. These include online pharmacy Truemeds, influencer marketing firm Qyuki, e-sports platform Fanclash, and financial technology company DotPe.
Founded in 1995 by serial entrepreneur Sanjeev Bikhchandani, Info Edge India is known for launching the recruitment portal website Naukri (Hindi for "job") in 1997. Jeevansathi (Hindi for "life partner") was established the following year and real estate portal 99acres arrived in 2005. Info Edge also operates Naukri-branded job portals targeting recent university graduates in India and the Middle East. It went public in 2006, raising INR1.7 billion in India’s first IPO for an internet company.
The company has made investments in several start-ups over the years, including India’s second-biggest food delivery platform Zomato, which was backed by Ant Financial earlier in the year, and insurance aggregator Policybazaar.
Info Edge’s revenue increased by 19.9% year-on-year to INR10.9 billion for the 12 months ended March 2019. Net profit rose by 17.9% to INR6 billion. Most of the company's revenue comes from subscription fees paid by recruiters for listing job postings on the Naukri job portal.
Other Indian GPs currently in the market include Sixth Sense Ventures, India Alternatives, Unicorn India Ventures, Inflexor Ventures, and JSW Ventures.
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