Info Edge has lost over $1.2 billion

Info Edge, led by Sanjeev Bhikchandani, has lost 9,491 crore ($1.2 billion) in its investment in tech startups Zomato and PolicyBazaar since their stock market debuts. The news comes as tech and startup stocks have been crashing in recent months.

According to reports, the parent company of Naukri.com and Jeevansathi.com has made a profit of 12,656 crore ($1.6 billion) on its investment in the two companies as of May 30. This investment, however, was once worth more than twice as much as it is now- at 22,148 crore ($2.8 billion), according to their listing day valuations.

Notably, Info Edge owns 15.23% of restaurant aggregator Zomato and 13.33% of financial services company PB Fintech, which is the parent company of PolicyBazaar and PaisaBazaar.

Zomato's shares were listed at a 51% premium to their opening price of 116 in July 2022. On the first day of trading, its market cap was 98,211 crore, down from the 100,000 crore mark it had crossed earlier in the day.

Since then, the company's market capitalization has halved to 56,060 crore as of May 30. Info Edge's stake in Zomato was valued at Rs. 20,190 crore at the peak of the company's stock price.