New Delhi, Jul 28, 2020: Info Edge invested about USD 6.33 million (about Rs 47.3 crore) in Bulbulive Shopping Network.
Bulbul is a video and Livestream-led commerce platform that aims to make online shopping engaging and social while offering consumers the opportunity to discover new products.
“The IE Venture Fund I have acquired/agreed to acquire 416 ordinary shares and 2002 series A1 compulsorily redeemable convertible preferred shares, through a mix of the primary and secondary mode of acquisition,” Info Edge said in a regulatory filing.
Upon successful closing of the said acquisition of shares, the aggregate shareholding of the company in the said entity would be around 17.82 per cent on fully converted and diluted basis.
“This is part of a larger round of about USD 8.7 million with existing investors contributing the balance amount,” the filing said.