Info Edge to invest in online footwear site ShoeKonnect
Info Edge has invested Rs. 6 crore via its wholly-owned subsidiary in Bizcrum Infotech (ShoeKonnect). The company has acquired 60,00,000 @ 0.01 per cent Compulsorily Convertible Preference Shares having a face value of Rs. 10 each. The aggregate shareholding of the company post this investment would be 29.79 per cent on a fully converted and diluted basis.
ShoeKonnect is a B2B marketplace (ShoeKonnect App and www.shoekonnect.com website) that aids footwear brands, manufacturers, wholesalers and retailers to connect, communicate and transact for conducting and expanding their business. The platform facilitates catalogue/inventory uploading, order placement, order receipt, delivery scheduling and payment management amongst manufacturers, wholesalers and retailers. It had a turnover of Rs. 36.8 lakhs in 2017-18. Info Edge believes this strategic investment will enable the company to consolidate its presence in the aforesaid line of business within the Internet Services Industry.
In Q3FY19, Info Edge revenues stood at Rs. 281.06 crore, up 23.73 per cent from Rs. 227.16 crore last year. The company’s net profit stood at Rs. 74.31 crore, up 39.28 per cent from Rs. 53.35 crore last year.
On Wednesday, InfoEdge was trading at Rs.1888 per share,down 0.15 per cent on the BSE.