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Info Edge invests in Zwayam
Naukri.com's parent company Indo Edge said it will be investing Rs 10 crore in its subsidiary company Zwayam to help the company meet its working capital requirements.
"This is to inform you that the Company in its meeting of the Committee of Executive Directors held today i.e. on August 18, 2023 has agreed to invest an amount of Rs. 10 Crores in Zwayam Digital Private Limited, wholly owned subsidiary of the Company," Info Edge said in an exchange filing.
It's worth mentioning that Info Edge already holds a 100% stake in Zwayam on a fully converted and diluted basis and is a wholly owned subsidiary of the Company in accordance with the Companies Act, 2013.
Incorporated in 2015, Zwayam is engaged in the business of providing SaaS-based sourcing and screening recruitment solutions and providing end-to-end recruitment solutions with configurable plug-and-play modules.
"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 noted.
According to the parent company, Zwayam has more than doubled its revenue from Rs 11.6 crore in FY22 to Rs 38.5 crore with a net profit of Rs 2.55 crore.
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