Investigation Initiated at 99acres Following a Whistle-blower Allegation by Info Edge, the Company Owning Naukri.com
In a recent development, Info Edge (India) Ltd., one of India's oldest and most diversified internet companies, has announced the initiation of an independent investigation following a whistle-blower complaint about alleged violations of company policies within its real estate vertical, 99acres. The investigation is being undertaken in accordance with Info Edge's publicly available whistle-blower policy. A reputed specialist law firm has been appointed to conduct a comprehensive probe into the matter, though the name of the firm has not been disclosed in the provided search results.
99acres, launched in 2005, is one of India's leading online real estate platforms, providing listings for buyers, sellers, and brokers. It operates alongside job recruitment, education, matrimony, property platforms, and a dating app.
The ongoing assessment by the law firm is not affecting the financial statements of Info Edge. In fact, the company posted strong quarterly results with a 32% year-on-year increase in consolidated net profit to Rs 342.9 crore in the June quarter. The revenue for the same period was Rs 790.9 crore, marking a 17% growth.
Info Edge, founded in 1995, is also a prolific startup investor. This year, its investments in startups like Anscer Robotics and Bachatt are estimated to have grown ninefold. Info Edge Venture Investment Fund III, the company's latest vehicle, has received approval for a commitment of up to Rs 1,000 crore (about $118 million).
The Audit Committee and Board of Directors of Info Edge are overseeing the investigation. The details of the whistle-blower complaint have not been disclosed. It is important to note that the investigation is ongoing, with no further updates provided in the given context.
Info Edge holds stakes in several listed companies, including PB Fintech. The gross internal rate of return of these investments is 36%. Despite the ongoing investigation, Info Edge remains committed to upholding its high standards of business ethics and transparency.
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