Shares of Info Edge gained 7 per cent in the afternoon trade on Monday after the company said it has acquired stake in Qyuki Digital Media.
The firm in a regulatory filing said it has invested Rs 25.2 crore in Qyuki to acquire 5.36 per cent on a fully converted and diluted basis. Info Edge subscribed to 916,356 Compulsory Convertible Preference Shares (CCDS) of Qyuki.
“The actual shareholding of the Company, on a fully converted & diluted basis, upon conversion of said CCDs will accordingly go up depending upon the agreed valuation for the next round of fundraise,” Info Edge said.
Qyuki has been founded by Samir Bangara, AR Rahman and Shekhar Kapur. It is a data-driven new media company that discovers and invests in India’s most social media influencers and content creators to help them rapidly grow their audience, create content and launch scalable D2C brands.
FY19 turnover of Qyuki was at Rs 67.8 crore. A year before that it had raked in Rs 14.2 crore.
Info Edge has investments in a number of startups that include Zomato, Jeevansathi.com, Siksha.com, Naukri.com and 99acres.com.
