Info Edge (India) Ltd, one of India’s premier internet based business that runs Naukri.com and 99acres.com, announced it has invested about ₹7 crore in Medcords Healthcare Solutions Private Limited, stated in its stock-exchange filing.
According to the Info Edge statement, the funds would support and grow Medcords’ business in India. In 2018, Info Edge had invested ₹2.68 cr in medical healthcare records platform MedCords.
In its exchange filing, Info Edge has said that the Company has agreed to acquire 2,869 Series A Compulsory Convertible Preference Shares having face value of Rs. 100/- each at a premium of Rs. 24, 295.20/- per share. The aggregate shareholding of the Company, post this investment, in the said entity would be 16.89% on a fully converted & diluted basis.
Medcords which was incorporated on September 15, 2016, connects patients, doctors and pharmacies to facilitate tele-consultations for patients in Tier 2 & 3 cities with low access to quality doctors. It also enables intelligent digitization and on-demand availability of users’ medical records.
