Redstart Labs India Ltd to invest in SkyServe Inc

Redstart Labs (India) Ltd. ("Redstart"), a wholly-owned subsidiary of Info Edge (India) Ltd. has in its meeting of the Board of Directors held today i.e. September 27, 2023, agreed to invest about USD 500,000 in SkyServe Inc. at the applicable exchange rate.

Skyserve provides Insights-as-a-Service platform enabling satellite-based edge computed insights for core industries and solution providers to scale faster and affordably. Skyserve feed multispectral imagery to models deployed on the edge and facilitate timely predictions.

This investment by the Company through Redstart is in furtherance of Company's investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term.

Redstart has agreed to acquire 555,556 Series Pre-Seed Preferred Stock. The aggregate shareholding of the Company through Redstart, post this investment, in the said entity would be 5.55% on a fully converted & diluted basis.

Shares of Info Edge (India) Limited was last trading in BSE at Rs. 4238.85 as compared to the previous close of Rs. 4234.65. The total number of shares traded during the day was 2735 in over 730 trades.

The stock hit an intraday high of Rs. 4275.30 and intraday low of 4220.30. The net turnover during the day was Rs. 11628281.00.

Source : Equity Bulls

Keywords

InfoEdgeIndia INE663F01024 RedstartLabsIndia Investment SkyServeInc