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..
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