India-based online classified listings operator Info Edge is raising $100m for a dedicated corporate venture capital vehicle called Info Edge Venture Fund, Times of India reported yesterday.
Info Edge and an undisclosed subsidiary will provide a combined Rs 350m ($46.2m) in capital for the vehicle and plans to source the remainder from external limited partners. The corporate had originally targeted approximately $14m for the fund in January 2020.
Founded in 1995, Info Edge operates several online portals in the classifieds space, such as job listings service Naukri, matrimony website Jeevansathi, real estate classifieds platform 99Acres and education-focused Shiksha.
The corporate has so far invested off its balance sheet, backing companies such as food delivery platform Zomato and ETechAces, the owner of insurance aggregator PolicyBazaar.
Info Edge Venture Fund had previously been reported to be targeting investments between $500,000 and $5m, though it is unclear if the increased fund size will mean larger commitments.
The fund has so far backed retail digitalisation technology developer DotPe, esports platform FanClash, creative content-sharing space Qyuki Digital Media and telemedicine platform Truemeds.
Info Edge is expected to continue making investments off its balance sheet. It said in a regulatory filing seen by the Economic Times that it had $200m in cash on hand and was looking at strategic stakes and merger and acquisition opportunities.
