InfoEdge to write-off entire investment

Starting my first blog on collection of important Indian e-commerce industry news.


E-commerce industry in India is coming out of its nascent stage, but still more than 90% of the websites are in loss. This news clearly states that industry is still reeling blood and will have to take measures to start having healthy bottomline.
New Delhi:  Internet firm InfoEdge, which owns job portal Naukri.com, today said it will be writing off its entire Rs 29.3 crore investment in online retailing firm Ninety Nine Labels.
In a communication to the BSE, InfoEdge said: “The company will be providing for/writing off its entire investment of about Rs 293 million in Ninety Nine Labels  during the current quarter.” Ninety Nine Labels, which owns the online private sales portal 99labels.com, is run by Ishita Swarup, Anchal Jain and Ankur Prakash, veterans of apparel and communication industries, according to information on its website.


Last year in September, InfoEdge had informed the BSE that it has invested an additional amount of Rs 5 crore in Ninety Nine Labels. “The company’s aggregate investment including the above is Rs 285 million in Ninety Nine Labels,” Infoedge had said.

In March this year, InfoEdge announced the acquisition of software developer MakeSense Technologies for Rs 8 crore. InfoEdge has been investing in emerging Internet firms such as policybazaar.com, mydala.com, 99labels.com and zomato.com.

Last month the company increased its investment in the online education player Meritnation.com to Rs 61.5 crore from Rs 31.5 crore. That apart in the same month, InfoEdge announced that it has invested an additional Rs 55 crore in restaurant guide service Zomato.

Source: FirstPost