Info Edge initiates inquiry into whistleblower allegations at 99acres, their real estate platform
Info Edge (India) Ltd., one of India's oldest and most diversified internet companies, has announced the launch of an independent investigation following a whistle-blower complaint. The firm, founded in 1995, operates job recruitment, education, matrimony, property platforms, and a dating app, among others.
The investigation concerns allegations of violations of company policies by employees within the real estate vertical, 99acres. This platform, one of India's leading online real estate platforms, provides listings for buyers, sellers, and brokers.
The Audit Committee and Board of Directors of Info Edge have taken note of the allegations and have appointed the specialist law firm Cyril Amarchand Mangaldas to conduct a comprehensive investigation. This move is in line with Info Edge's publicly available whistle-blower policy.
Recent developments come as the firm posted strong quarterly results, with a consolidated net profit of Rs 342.9 crore, marking a 32% year-on-year increase. The firm's revenue for the June quarter was Rs 790.9 crore, a 17% increase.
Despite these allegations, Info Edge emphasized that the matter has had no material impact on its financial statements. The firm's assessment is ongoing, and further updates will be provided as information becomes available.
In addition to its operational success, Info Edge has been a prolific startup investor this year. The firm's investments in startups, such as Anscer Robotics and Bachatt, are estimated to have grown ninefold. In May, shareholders approved a plan for Info Edge to commit up to Rs 1,000 crore to its latest venture investment fund, Info Edge Venture Investment Fund III.
Info Edge also holds stakes in several listed companies, including PB Fintech. The firm's gross internal rate of return is 36%.
As the investigation unfolds, Info Edge remains committed to upholding its high standards of corporate governance and ensuring a fair and transparent environment for all its employees and stakeholders.
