After backing a slew of startups, including Zomato and PolicyBazaar, Sanjeev Bikhchandani-led Info Edge has formally entered the venture capital business. The Noida- headquartered company has launched its maiden venture capital fund, dubbed Info Edge Venture Fund or IEVF, it said in an exchange filing on Thursday.
Info Edge, which owns popular jobs classifieds platform Naukri, said it would allocate about Rs 100 crore or about $14 million to the new fund.
It is unclear whether it would later also bring third party limited partners, industry parlance for investors in venture capital funds, on board in the fund.
"The objective of the fund is to invest in tech and tech-enabled entities that provide technology to create, market and distribute innovative products and services that benefit consumers at large," the company said.
The fund, registered with SEBI as a category II AIF (alternative investment fund), is sponsored through Smartweb Internet Services, one of Info Edge's various consumer internet-focused subsidiaries.
The company’s stock price has been on the rise this past week backed on returns from Uber Eats' India business sale to its portfolio food-tech startup Zomato.
In the first week of 2020, the company said it would divest its entire stake in Applect Learning Systems, parent holding of edtech platform Meritnation. The deal value was held at about Rs 50 crore and is expected to close by March.
Info Edge reported an 18% growth in its consolidated revenues for the quarter ended September at Rs 329 crore. The growth was led by income from recruitment platform Naukri.com and real estate marketplace 99acres.com.