Job portal Naukri.com‘s parent firm Info Edge (India) Ltd on Wednesday (February 5) announced its approval to enter into a contribution agreement with the IE Venture Investment Fund III, a scheme to be launched by Karkardooma Trust.
The company plans to commit up to ₹1,000 crore to the fund, either directly or through its wholly-owned subsidiaries, pending approval from SEBI and the shareholders of Info Edge.
“…Board of Directors of the Company at their meeting held today i.e. on Wednesday, February 5, 2025, has approved entering into a contribution agreement with IE Venture Investment Fund III, a scheme to be launched by Karkardooma Trust, registered with SEBI as a Category II Alternative Investment Fund under SEBI (Alternative Investment Funds) Regulations, 2012 to commit contribution of up to Rs 1,000 crore in the aggregate, directly or through wholly owned subsidiaries, subject to the approval of SEBI and shareholders of the company,” according to a stock exchange filing.
IE Venture Investment Fund III, a category II alternative investment fund (AIF) under SEBI’s regulations, is in the process of obtaining its AIF registration certificate from SEBI. The trust, sponsored and managed by Smartweb Internet Services Ltd (a wholly-owned subsidiary of Info Edge), will focus on investments in emerging businesses.
The agreement, however, will qualify as a related party transaction as Smartweb will be acting as the sponsor and investment manager of the trust. As per SEBI regulations, this material transaction will require the approval of Info Edge’s shareholders. The promoters of Info Edge have no personal interest in the investment, and the deal is structured at arm’s length.
The proposed contribution from Info Edge will be made in cash, with an aggregate commitment of up to ₹1,000 crore, subject to SEBI and shareholder approvals.
Shares of Info Edge (India) Ltd ended at ₹7,943.20, up by ₹239.15, or 3.10% on the BSE.
