Redstart Labs India Ltd to invest in Ray IOT Solutions 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. October 11, 2023 agreed to invest about USD 4,00,000 in Ray IOT Solutions Inc. at the applicable exchange rate.

Ray IOT is engaged in the healthcare sector and develops a non-contact breathing and sleep tracker for babies. Raybaby analyzes and relays a host of information about your baby's health through an app called 'Smart Journal'. Ray IOT has created the first and only non-contact wellness and sleep tracker.

This follow on 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 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.

Shares of Info Edge (India) Limited was last trading in BSE at Rs. 4228.75 as compared to the previous close of Rs. 4208.35. The total number of shares traded during the day was 3262 in over 639 trades.

The stock hit an intraday high of Rs. 4247.85 and intraday low of 4194.05. The net turnover during the day was Rs. 13764654.00.

Source : Equity Bulls

Keywords

InfoEdgeIndia INE663F01024 RedstartLabsIndia Investment RayIOTSolutionsInc