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AIPL had provided funding to 4B Networks worth Rs 288 crore, which includes Rs 276 crore as investment into shares and 12 crore as debt financing.
AIPL's investment has been fully impaired due to factors such as excessive cash burn, liquidity issues, and uncertainty about funding options.
AIPL has repeatedly requested information from 4B Networks about financial transactions, related party transactions, and other matters. However, 4B Networks has failed to provide this information.
As a result, AIPL has initiated a forensic audit of 4B Networks. Deloitte Touche Tohmatsu India has been appointed as the forensic auditor, and Saraf and Partners Law Offices will provide legal support.
Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.
The company reported consolidated net loss of Rs 272.83 crore in Q4 FY23 as compared with net profit of Rs 628.89 crore in Q4 FY22. Revenue from operations jumped 27.9% year on year to Rs 604.78crore in Q4 FY23.
The Info Edge (India) scrip rose 0.50% to Rs 4,236.60 on the BSE.
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