Date: June 22, 2026

Investment Portfolio Update

Info Edge (India) Limited provides a comprehensive update on its financial investments in startups, focusing on three primary themes: Artificial Intelligence (AI), Deeptech, and Consumer Technology. The investments have been made through various vehicles including the company's balance sheet, wholly-owned subsidiary Redstart Labs (India) Ltd., and Alternative Investment Funds (AIFs) managed by the company.

Overall Portfolio Performance (as of March 31, 2026)

  • Total investment: INR ~4,900 Cr across 135 startups
  • Current fair market value: INR ~41,300 Cr
  • Gross Multiple on Invested Capital (MOIC): 8.4x
  • Gross Internal Rate of Return (IRR): ~33%
  • Breakdown: INR ~3,600 Cr invested by Info Edge and group companies, INR ~1,300 Cr invested by external Limited Partners in AIFs
  • Combined gross IRR of managed AIFs: ~22%

Artificial Intelligence Portfolio

  • Capital deployed: INR 614 Cr across 28 AI-native companies
  • Current fair market value: INR 1,268 Cr
  • Gross MOIC: 2.1x
  • Gross IRR: ~31%
  • Active companies: 26 out of 28
  • Follow-on funding: 15 companies have raised externally led rounds from institutional investors including Insight Partners, Left Lane, Peak XV, SIG, and Vertex
  • Notable companies: Gnani.ai (voice AI platform selected under IndiaAI Mission), Aftershoot (AI photo editing), Attentive AI (vertical AI SaaS for landscaping/construction)

Deeptech Portfolio

  • Capital deployed: INR 455 Cr across 30 deeptech companies
  • Current fair market value: INR 559 Cr
  • Gross MOIC: 1.2x
  • Gross IRR: ~15%
  • Active companies: 26 out of 30
  • Follow-on funding: 13 companies have raised externally led rounds
  • Sub-sectors: Robotics & Manufacturing, Health & Biotech, Energy & Mobility, Space-tech, Semiconductors, Defence & Security, Hardware & Sensing
  • Government recognition: ePlane received INR 285 Cr RDI allocation (largest nationally), Manastu Space received INR 115 Cr RDI allocation

Consumer Technology Portfolio

  • Capital deployed: INR 2,755 Cr across 45 consumer-tech and consumer-AI startups
  • Current fair market value: INR 37,214 Cr
  • Gross MOIC: 13.5x
  • Gross IRR: ~34%
  • Active companies: 34 out of 45
  • Follow-on funding: 21 companies have raised externally led rounds
  • Key listed holdings: Eternal (Zomato and Blinkit), PB Fintech
  • Sectors covered: quick commerce, food delivery, insurance aggregation, travel, healthcare, fintech, gaming, education

Investment Strategy and Philosophy

The company emphasizes its strategy of identifying exceptional founders early, investing before consensus forms, and staying invested longer than most others. Key tenets include:

  • Preferring to invest in companies domiciled in India with Indian founders
  • Maintaining a patient capital mindset not constrained by short fund cycles
  • Combining operating experience (from building Naukri.com) with investment expertise
  • Keeping fund corpuses limited to manageable sizes to optimize returns
  • Focusing on good governance which earns valuation premiums
  • Targeting ideal exits through public listings rather than M&A

Government Recognition and Support

Several portfolio companies have received significant government support:

  • Gnani.ai: Selected under IndiaAI Mission, received INR 177 Cr worth of government GPU compute credits
  • ePlane: Secured single largest allocation nationally under RDI scheme (INR 285 Cr of 22 approved proposals)
  • Manastu Space: Received INR 115 Cr under RDI scheme
  • RDI allocations are subject to companies getting matching capital from investors

Annexures Included

The letter includes three detailed annexures:

  • Annexure 1: Detailed note on AI and Deeptech investments (54 companies)
  • Annexure 2: Detailed note on Consumer tech and Consumer AI investments (45 companies)
  • Annexure 3: Letter to shareholders shared on May 06, 2025 (historical context and investment philosophy)

Notes and Disclaimers

  • The letter does not include strategic investments relating to core businesses (jobs, careers, real estate, education classifieds, matrimony)
  • Some companies appear in multiple theme counts (e.g., AI-native consumer companies in both AI and consumer tech)
  • Fair Market Value (FMV) of AIF investments based on independent valuation exercise by external valuer as of March 31, 2026
  • All figures are as of March 31, 2026 unless stated otherwise
  • Intermediate IRRs are derived from fair market values and subject to change