Info Edge to invest Rs 10 cr in SaaS subsidiary Zwayam

Post this investment, Zwayam remains the wholly-owned subsidiary of the Company, Info Edge said. Info Edge shares were trading 2.59 per cent lower at Rs 4,190.20 on BSE in the pre-close session.

Naukri.com parent Info Edge (India) Ltd on Friday said it will invest Rs 10 crore in its wholly-owned subsidiary Zwayam Digital Pvt Ltd.

The investment is being done to meet the working capital requirement of Zwayam, Info Edge said in a statement.

Incorporated in 2015, Zwayam provides SaaS-based sourcing and screening recruitment solutions. Info Edge acquired the company in June.

Zwayam had a turnover of Rs 38.53 crore and a net profit of Rs 2.55 crore in the last fiscal.

''The Company has agreed to acquire 1,000,000-0.0001% Compulsorily Convertible Debentures (“CCDs”) having face value of Rs. 100/- each. Post this investment, Zwayam remains the wholly-owned subsidiary of the Company,'' Info Edge said. Info Edge shares were trading 2.59 per cent lower at Rs 4,190.20 on BSE in the pre-close session.