InfoEdge to writeoff its $4.5mn Investment in 99Labels

Naukri.com’s parent company, Info Edge is writing off its entire investment of about Rs. 293 million in Ninety Nine Labels Private Limited (which runs 99labels.com) during the current quarter (as per BSE filing).

InfoEdge earlier invested $3.5million in 99labels around a year ago and six months back, the company invested $1mn in the company.

99Labels competes with FashionAndYou (which is fighting its own battle) and others like Exclusively.in (acquired by Myntra) and here is the traffic drop of the site over the last few months.

InfoEdge recently announced its investment in Zomato and has acquired majority stake in the company.

hat tip:@roshanonline

Leave a Reply

Sign Up for NextBigWhat Newsletter

Daily.