Info Edge India Ltd arm to invest in Bulbul

IE Venture Fund I has entered into agreements to invest about USD 6.33 Mn. in Bulbulive Shopping Network Pte Ltd ("Bulbul"). The IE Venture Fund I has acquired/agreed to acquire 416 - Ordinary Shares and 2002-Series A1 compulsorily redeemable convertible Preferred Shares, through a mix of primary & secondary mode of acquisition. Upon the successful closing of the said acquisition of shares, the aggregate shareholding of the Company in the said entity would be around 17.82% on fully converted & diluted basis. This is part of a larger round of about USD 8.7 Mn with existing investors contributing the balance amount.

Bulbul is a video and livestream led commerce platform that aims to make online shopping engaging and social while offering consumers the opportunity to discover new products. The company also features influencers who explain the product features and interact with customers to clarify their queries helping them make a decision during a live broadcast.

The said investment would help IE Venture Fund I to support and grow Bulbul business in India.

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.3109.85 as compared to the previous close of Rs. 3165.95. The total number of shares traded during the day was 9047 in over 1620 trades.

The stock hit an intraday high of Rs. 3228.2 and intraday low of 3088.45. The net turnover during the day was Rs. 28597694.

Source : Equity Bulls

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