India based Info Edge Ltd invested $843k (Rs 6 crore) in Happily Unmarried Marketing through its wholly-owned subsidiary.
Info Edge has agreed to acquire 1,244 optionally convertible cumulative redeemable preference shares and the cost of acquisition is about Rs 6 crore, Info Edge said in a regulatory filing.
The aggregate shareholding of the company in Happily Unmarried, post previous fund raise exercise from other investors and completion of current fund raise exercise by Happily Unmarried, would be 42.33 per cent on fully converted diluted basis.
Happily Unmarried has diversified into men’s grooming through its brand ‘Ustraa’ that is now driving the growth of the business.
The investment would help in consolidating Info Edge’s position into the said line of business within the Internet Services industry, Info Edge said.