Info Edge's subsidiary acquires NewInc Internet Services for Rs 4 cr

Noida (Uttar Pradesh) [India], February 18 The Info Edge, which owns Naukri.com, on Saturday said its subsidiary, Allcheckdeals (ACD), acquired NewInc Internet Services, for a cash consideration of Rs 4 crore.

According to the statement shared with exchanges, the said investment is done to meet the working capital requirement of the NewInc. NewInc is engaged in the business of providing all kinds and types of internet, computer and electronics data processing services.

ACD has agreed to acquire 4,00,000 compulsorily convertible debentures, having a face value of Rs 100 each. Post this investment, NewInc will remain as a step-down wholly-owned subsidiary of the company, according to the statement.

According to the statement, NewInc was incorporated on December 27, 2016, and engaged in the business of providing all kinds and types of internet, computer and electronics data processing services.

Info Edge on January 24 said its wholly-owned subsidiary, Startup Investments (Holding) (SIHL), acquired an agritech firm Agstack Technologies (Gramophone) for a cash consideration of Rs 9.31 crore.

According to a statement shared with exchanges on January 24, Gramophone is a full-stack agritech platform for farmers. The company sells agri-inputs to farmers directly and via small retailers in an omnichannel model. It also provides advisory to farmers with respect to cropping or farming practices and helps them in selling their output to buyers.

Gramophone was incorporated on May 23, 2016, and is engaged in the business of retail of agricultural input, procurement of agricultural output and creation and maintenance of an advisory platform for farmers, the company statement showed.

( With inputs from ANI )