Subsidiary of Info Edge to Inject $4,00,000 into Ray IOT for a health-tech revolution

Info Edge’s (India) wholly-owned subsidiary, Redstart Labs (India) is all set to invest about USD 4,00,000 in Ray IOT Solutions Inc. at the applicable exchange rate. Redstart has agreed to acquire 11,22,019 Series Seed A-5 Preferred Stock. The aggregate shareholding of the Company through Redstart, post this investment, in the said entity would be 12.6% on a fully converted & diluted basis. Redstart Labs (India) has in its meeting of the Board of Directors held on October 11, 2023, agreed to make the investment.

This follow-up investment by the Company through Redstart is in furtherance of the company’s investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term. Ray IOT is engaged in the healthcare sector and develops a non-contact breathing and sleep tracker for babies.

Info Edge (India) owns one of the leading job portals naukri.com. The company is a leading provider of various portals related to online recruitment, matrimonial, real estate and education classifieds and related services in India.

At 1:30 pm, the shares of Info Edge (India) were trading at Rs 4,251.90, up by 0.55% from its previous closing of Rs 4,228.75 on the BSE. On Wednesday, the stock opened at Rs 4,258.20 and touched a high and low of Rs 4,307.90 and Rs 4,255, respectively.

The BSE group ‘A’ stock of face value of Rs 10 has a 52-week high and low of Rs 4984.10 and Rs 3,310, respectively. Last one week high and low of the scrip stood at Rs 4,307.90 and Rs 4,052.65 respectively. The current market cap of the company is Rs 55,260.60 crore.

The promoters holding in the company stood at 38.05%, while Institutions and Non-Institutions held 49.74% and 12.20% respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.