As part of company's strategic investments, the acquisition would help the company to diversify its presence into the new line of business within the internet services industry.
Info Edge India shares gained 2 percent intraday on Thursday after the company agreed to acquire 15.5 percent stake in Shopkirana that develops B2B ecommerce platform.
The company has entered into an agreement to invest through its wholly-owned subsidiary, about Rs 13.40 crore in Shop Kirana E Trading Private Ltd.
The aggregate shareholding of the company, post this investment, in Shop Kirana would be 15.5 percent on a fully converted & diluted basis, Info Edge said.
Shop Kirana has a turnover of Rs 8.92 crore for the year ended March 2018 against Rs 4.73 crore in previous year.
Shopkirana is engaged in the business of developing a B2B ecommerce platform for ordering, delivery, payments and related products/services among various stakeholders in grocery/FMCG supply chain.
As part of company's strategic investments, the acquisition would help the company to diversify its presence into the new line of business within the internet services industry.At 12:30 hours IST, the stock was quoting at Rs 1,585.60, up Rs 6.55, or 0.41 percent on the BSE.The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .