Ray IOT is engaged in the healthcare sector and develops a non-contact breathing and sleep tracker for babies. Raybaby analyzes and relays a host of information about your baby's health through an app called 'Smart Journal'. Ray IOT has created the first and only non-contact wellness and sleep tracker.

Info Edge stated that this follow on investment by the company through Redstart is in furtherance of company's investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term.

Redstart has agreed to acquire 11,22,019 Series Seed A-5 preferred stock. The aggregate shareholding of the company through Redstart, post this investment, in the said entity would be 12.6% on a fully converted & diluted basis.

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 34.69% increase in standalone net profit to Rs 199.90 crore in Q1 FY24 as compared with Rs 148.42 crore recorded in Q1 FY23. Revenue from operations jumped 15.1% to Rs 584.29 crore during the quarter as compared with Rs 507.65 crore posted in corresponding quarter last year.

The scrip rose 0.81% to currently trade at Rs 4263.05 on the BSE.