Info Edge, the parent company of job portal Naukri.com, launches a probe into allegations made by a whistleblower at property site 99acres.
Info Edge (India) Ltd., one of India's oldest and most diversified internet companies, has announced the initiation of an independent investigation in response to a whistle-blower complaint. The company, founded in 1995, operates various platforms including job recruitment, education, matrimony, property, and a dating app.
The investigation, led by the law firm Cyril Amarchand Mangaldas, will focus on allegations of violations of corporate policies by employees in the real estate vertical, 99acres. This move comes as part of Info Edge's publicly available whistle-blower policy.
Despite this development, Info Edge's financial performance remains strong. The company posted impressive quarterly results, with consolidated net profit rising 32% year-on-year to Rs 342.9 crore in the June quarter. The revenue for the same period increased by 17%, reaching Rs 790.9 crore.
Info Edge's investments in startups continue to yield positive returns. The company's investments in Anscer Robotics and Bachatt this year are estimated to have grown ninefold. In May, Info Edge also approved a plan to commit up to Rs 1,000 crore to its latest vehicle, Info Edge Venture Investment Fund III.
It is important to note that the matter has had no material impact on Info Edge's financial statements. Furthermore, the company's investments in startups are not related to the ongoing investigation.
99acres, one of India's leading online real estate platforms, is a part of Info Edge's diverse portfolio. The company's gross internal rate of return for these investments stands at 36%.
The Audit Committee and Board of Directors of Info Edge have taken note of the allegations and are closely monitoring the situation. The firm's assessment is ongoing, and no information about the impact of the investigation on the company's future financial performance has been provided.
Info Edge holds stakes in several listed companies, including PB Fintech. The company's commitment to transparency and adherence to its corporate policies remains unwavering, as it navigates this investigation.
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