Info Edge Ltd, one of India’s premier internet based business that runs Naukri.com and 99acres.com, announced that it will be investing in two companies via IE Venture Fund I, its investment vehicle that focusses on technology-based startups, according to a VCCircle report.
The investments will be made in Fanbuff Esports India Pvt. Ltd, which operates e-sports community engagement platform Fanclash, and the Intellihealth Solutions Pvt. Ltd-operated telehealth platform Truemeds.
Fanclash will receive Rs 3.5 crore from IE Venture Fund I and Mumbai-based Truemeds to get an investment of Rs 3.7 crore. The companies will utilise the funds to grow their businesses in the country.
The investment will help support Fanclash to grow its business in India, Info Edge said in a stock-exchange filing
Founded in January 2020, Fanbuff Esports focusses on engagement around popular gaming titles such as Free Fire, PlayerUnknown’s Battlegrounds and Counter Strike.
Truemeds, which was founded in February 2019, operates as a telehealth platform that focusses on selling substitute medicines to consumers.
The platform works with doctors to advise consumers about substitute medicines to reduce their overall medical expenses. It reported an unaudited turnover of Rs 1 crore for the 2019-20 financial year, as per Info Edge’s filing.
In January 2020, Info Edge announced the launch of its maiden venture capital fund Info Edge Venture Fund (IEVF) to back tech start-ups in India. Info Edge is widely known for backing Zomato and PolicyBazaar.
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