Naukri Owner Info Edge Writes Off Rs 2.6 cr Investment in Floost; Revenues up 14% YoY

Info Edge the Internet company which owns job search portal Naukri and others, has written off its investment in Nogle Technologies, the company which runs Floost, an interest based content sharing network.floost_page_thumb.jpg

The company has taken a Rs 2.6 crores write-off on the investment made in 2011, according to a stock exchange filing (pdf) by Info Edge. The startup by ex-Info Edge employee Siddharth Goyal (earlier started KitneBaje), is an information sharing portal and is now pivoting to a new product.

For the financial year of 2013, InfoEdge’s investee companies had an operating loss of Rs 4.56 cr up from Rs 2.9 cr in the previous year (pdf).

In 2011, when Nogle had raised funds from Info Edge, we’d asked if a web app startup should raise fund even before a product launch from large corporates?

In the previous quarter, the company wrote of $4.5 mn it invested in 99labels.com, an online apparel retailer. Info Edge clocked Rs 120 cr in revenues and a net profit of Rs 29 cr for the quarter ended June 2013. Revenues grew 3.15% sequentially and 14% year on year. Profits were significantly up from Rs 6.3 cr in the previous quarter. On a year on year basis, profits for the quarter declined 7.5%.

Info Edge has invested in companies such as Zomato, Canvera Digital, Happily Unmarried and a few others.

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