Info Edge to invest Rs 10 cr in SaaS subsidiary Zwayam
New Delhi, Aug 18 (PTI) Naukri.com parent Info Edge (India) Ltd on Friday said it will invest Rs 10 crore in its wholly-owned subsidiary Zwayam Digital Pvt Ltd.
The investment is being done to meet the working capital requirement of Zwayam, Info Edge said in a statement.
Incorporated in 2015, Zwayam provides SaaS-based sourcing and screening recruitment solutions. Info Edge acquired the company in June.
Zwayam had a turnover of Rs 38.53 crore and a net profit of Rs 2.55 crore in the last fiscal.
“The Company has agreed to acquire 1,000,000-0.0001% Compulsorily Convertible Debentures (“CCDs”) having face value of Rs. 100/- each. Post this investment, Zwayam remains the wholly-owned subsidiary of the Company,” Info Edge said.
Info Edge shares were trading 2.59 per cent lower at Rs 4,190.20 on BSE in the pre-close session.