In its Committee of Executive Directors meeting on October 22, 2024, Info Edge approved an investment of Rs. 30 Crores in Redstart Labs (India) Limited, a wholly-owned subsidiary of the Company.
Redstart, located at Ground Floor, 12A 94, Meghdoot, Nehru Place, Delhi-110019, has a turnover of zero as of March 31, 2024, and reported a loss of Rs. 33,182,392 with a net worth of Rs. 148,111,117. The Company holds a 100% stake in Redstart, categorizing this investment as a related party transaction, though the promoters have no interest in it, and the transaction is conducted on an arm’s length basis.
Operating in the internet sector, Redstart focuses on investments in tech firms, software development, consultancy, and various IT services. The investment aims to meet capital requirements, explore new opportunities, and serve general purposes outside the core business. No regulatory approvals are required, and completion is expected within 30 days.
The investment will be made in cash, with the Company acquiring 3,000,000 Compulsorily Convertible Debentures (CCDs) at a face value of Rs. 100 each, ensuring Redstart remains a wholly-owned subsidiary. Founded on July 7, 2020, Redstart has had no turnover in the last three years.