InfoEdge to write off Rs 29 cr investment in e-comm site 99Labels

New Delhi: Internet firm InfoEdge, which owns job portal Naukri.com, today said it will be writing off its entire Rs 29.3 crore investment in online retailing firm Ninety Nine Labels.

In a communication to the BSE, InfoEdge said: “The company will be providing for/writing off its entire investment of about Rs 293 million in Ninety Nine Labels during the current quarter.” Ninety Nine Labels, which owns the online private sales portal 99labels.com, is run by Ishita Swarup, Anchal Jain and Ankur Prakash, veterans of apparel and communication industries, according to information on its website.

[caption id=“attachment_661600” align=“alignleft” width=“380”] Last year in September, InfoEdge had informed the BSE that it has invested an additional amount of Rs 5 crore in 99Labels. Screengrab from site[/caption]

Last year in September, InfoEdge had informed the BSE that it has invested an additional amount of Rs 5 crore in Ninety Nine Labels. “The company’s aggregate investment including the above is Rs 285 million in Ninety Nine Labels,” Infoedge had said.

In March this year, InfoEdge announced the acquisition of software developer MakeSense Technologies for Rs 8 crore. InfoEdge has been investing in emerging Internet firms such as policybazaar.com, mydala.com, 99labels.com and zomato.com.

Last month the company increased its investment in the online education player Meritnation.com to Rs 61.5 crore from Rs 31.5 crore. That apart in the same month, InfoEdge announced that it has invested an additional Rs 55 crore in restaurant guide service Zomato.

PTI