Info Edge, the parent company of Naukri, has committed ₹250 Cr ($26.5 Mn) to A88 Fund I, established by A88 Trust to fund early-stage deeptech startups in India. The fund, registered with SEBI as a Category II AIF, was launched in February and will be managed by Info Edge’s subsidiary Smartweb. A88 Fund I aims to offer long-term growth opportunities to Indian startups, primarily focused on deeptech.
Additionally, Info Edge has transferred its 26.14% stake in ShopKirana E Trading Pvt Ltd to Udaan for $32.97 Mn. This move follows Udaan’s acquisition of ShopKirana to enhance profitability.
This investment in A88 Fund I signifies Info Edge’s growing interest in India’s deeptech startup ecosystem. The company’s executive directors have also approved a ₹15 Cr investment in SIHL, its investment arm, and a ₹100 Cr investment in Redstart Labs, focusing on deeptech and SaaS startups.
Source: Inc42 Media