Backing Rahul Yadav's 4B Networks was a mistake, says Info Edge's Sanjeev Bikhchandani

Posted on:
Key Points

The consumer internet group has initiated arbitration proceedings against its portfolio company 4B Networks, founded by Housing.com cofounder Rahul Yadav, after the startup failed to provide crucial information about its operations and management for a forensic audit.ETtechInfo.

"You can't write off Rs 288 crore, it was a mistake," he told analysts at the companys conference call for its quarterly financial update...

We are taking more steps and we continue discussing on a board level on how we need to change some of our diligence practices, tighten it up, what are the signals and indicators and red flags that emerge during conversation with founders, Bikhchandani said.. Info Edge had written off its equity investment in 4B Networks during the December 2022 quarter citing excessive cash burn, prevailing liquidity issues and significant uncertainty towards funding options."..

In terms of investing from its second fund of InfoEdge Ventures, from where the company is currently deploying its venture capital dollars, Bikhchandani said, we are finding it easier, we find the valuations are lower, the round sizes are smaller and we are being careful...

The Naukri parent reported a quarterly net loss of Rs 147.4 crore on a consolidated basis, almost half of the comparable figure a year ago, hurt by decreased demand in technology hiring..

You might be interested in

Shriram Life Insurance posts 10.6% decline in Q1 profit after tax

03, Aug, 23

India Business News: CHENNAI: Shriram Life Insurance on Thursday reported a drop in profit after tax (PAT) by 10.

ITC's FMCG biz records 21 pc rise in annual consumer spend at Rs 29,000 cr in FY23

11, Jul, 23

Diversified conglomerate ITC's FMCG business has recorded a 21 per cent rise in annual consumer spend to nearly Rs 29,000 crore in 2022-23, according to the latest annual report of the company. ITC operates in the FMCG space with 25 home-grown brands.

Day after deal, GCPL & Raymond dip up to 9%

28, Apr, 23

While Sudhir Sitapati, GCPL's MD & CEO, said on Thursday that the company did not overpay for brands such as Park Avenue and KamaSutra, analysts say there will be challenges in scaling up the business in the future.

Stocks to watch: SpiceJet, IOC, Granules India, Phoenix Mills, ABB India

27, Feb, 23

Stocks to watch From SpiceJet to Indian Oil Corporation here are top stocks likely to be in action in Mondays trading session

HCLTech Q4 net profit jumps 11%, FY23 hiring dips 60%; Twitter rival Koo lays off staff

21, Apr, 23

India's third-largest IT major HCLTech registered an 11% rise in its Q4 net profit to Rs 3,983 crore, beating the ET Now poll estimate of Rs 3,860 crore. However, its net hiring plummeted by 60% in FY23.

Gainwell Group takes over management control of TIL Ltd after Rs 120 cr investment

25, Jan, 24

Kolkata, Jan 24 (PTI) Gainwell Group announced on Wednesday that it has taken over management control of TIL Ltd (formerly Tractors India) following an investment of Rs 120 crore. The investment of Rs 120 crore was made by Indocrest Defence Solutions, a Gainwell group company. Gainwell has formally taken over the management control of the […]

Godrej Consumer Products inks pact to buy Raymond Consumer Care's FMCG business for Rs 2,825 crore

27, Apr, 23

The Singhania-family owned Raymond group, which owns 47.66 per cent stake in the consumer care business, had been in talks with various potential buyers for over two years now, since the textiles group is of the view that the consumer brands are not core to its business.

Squarefeet Group to invest Rs 300 crore on new housing project in Mumbai; eyes Rs 750 crore revenue

26, Mar, 24

New Delhi, Mar 26 (PTI) Realty firm Squarefeet Group will invest around Rs 300 crore to develop a housing project at Thane in Mumbai Metropolitan Region (MMR). The company plans to develop about 1,000 flats in this 3-acre project named ‘Yuva Rajya’ and is targeting a revenue of Rs 750 crore over the next 4-5 […]

Italian stationery maker FILA to sell Rs 800 crore share in DOMS

08, Dec, 23

Business News: MUMBAI: Italian stationery maker FILA will give up majority control of its India unit, DOMS, in a major rejig of its operations.