Info Edge Divests 34.93% Stake In Wishbook
by Bhupendra Paintola · Inc42SUMMARY
- The divestment was completed yesterday (September 23), through its wholly-owned subsidiary, Startup Investments (Holding) Limited (SIHL)
- On May 16, Info Edge announced that its board had considered and approved the proposal to divest its 34.93% holding in Wishbook on a fully converted & diluted basis
- Following the development, shares of Info Edge surged as much as 1.09% to reach INR 8232.60 during the intraday trading today (September 24) on the BSE
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Online classified company Info Edge, which operates platforms like Naukri.com, 99acres.com and Jeevansathi.com, has announced the completion of its 34.93% stake sale in Wishbook Infoservices Private Limited.
The divestment was completed yesterday (September 23), through its wholly-owned subsidiary, Startup Investments (Holding) Limited (SIHL).
On May 16, Info Edge announced that its board had considered and approved the proposal to divest its 34.93% holding in Wishbook on a fully converted & diluted basis.
Founded in 2016 by Arvind Saraf, an IIT alumni with experience at Google, Wishbook Infoservices Private Limited is a Surat-based B2B startup focused on providing catalogue distribution services to manufacturers, wholesalers, and retailers, enabling them to access product and sales information.
Following the development, shares of Info Edge surged as much as 1.09% to reach INR 8232.60 during the intraday trading today (September 24) on the BSE.
However, the shares pared most of the gains to trade 0.06% above the previous clause at INR 8148.85 at 11:32 AM.
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Info Edge’s market capitalisation was at INR 1,05,409.89 Cr at the above given time and as many as 37,450 shares of Info Edge changed hands until 11:32 AM.
Notably, the stock reached its 52-week high mark at INR 8,259.95 apiece during the trading session on September 23.
Info Edge’s stock has given healthy returns to its investors this year as its year-to-date return stood at 58.5%.
On the financial front, the company reported robust growth in its consolidated profits in the first quarter of the ongoing fiscal year (Q1 FY25).
Its profit zoomed to INR 258.85 Cr, a 75% year-on-year (YoY) increase from the INR 147.4 Cr it made in Q1 FY24. On a sequential basis, the Sanjeev Bikchandani-led company’s profits increased by 195% from last quarter’s INR 87.96 Cr.
In tandem with the profit increase, the company’s revenue from operations also grew 20% YoY and 2% QoQ to INR 827.92 Cr.
Info Edge is an online classifieds company in India, known for its diverse portfolio that includes leading platforms like Naukri.com, 99acres.com, Jeevansathi.com and Shiksha.com.
Info Edge counts listed giants such as foodtech major Zomato, insurtech startup PB Fintech, and unlisted edtech company Adda247 in its portfolio.