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Info Edge VC fund leads funding round in Singapore startup Bulbul
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Info Edge (India) Ltd, which owns and operates portals such as job site Naukri.com, said on Tuesday it has agreed to invest around $6.3 million (around Rs 47 crore) in Singapore-based online commerce platform Bulbul.

Info Edge said in a-stock exchange filing it will invest through its debut venture fund, IE Venture Fund I, which was launched earlier this year.

The fund will acquire ordinary shares and compulsorily redeemable convertible preferred shares in the startup, through a mix of primary and secondary mode. It will hold a 17.82% stake in Bulbul after the completion of the deal.

Info Edge’s investment is part of a larger funding round where Bulbul is raising a total of $8.7 million. The remaining money is coming from existing investors, Info Edge said, without giving any details.

Bulbul, operated by Bulbulive Shopping Network Pte Ltd, will use the funds to grow its business in India.

The startup, which was incorporated in July last year, is a video and live streaming-led commerce platform that seeks to help online shoppers discover new products. It had revenue of Rs 4.5 crore for 2019-20, according to the filing.

Info Edge venture fund

Info Edge had floated the venture fund in January. At that time, it had said it will invest around Rs 100 crore ($14 million) in the fund, which will be sponsored through its wholly owned unit Smartweb Internet Services Ltd.

Last month, it proposed to raise Rs 750 crore (around $100 million) for the fund. The company was in exploratory talks to raise $50 million from Limited Partners (LPs) outside Info Edge.

The fund’s investments include DotPe, a payments company set up by PayU India co-founder; Qyuki, a venture co-founded by music composer AR Rahman; Fanclash, an e-sports community engagement platform; and Truemeds, a tele-health platform.

Info Edge had been actively investing in tech startups way before the launch of the fund. The new fund underlined the structured manner in which Info Edge aimed to make investments, although it will also continue to make direct bets.

Info Edge’s showpiece investment is in food delivery and restaurant search platform Zomato. It also has a stake in online insurance aggregator PolicyBazaar, another unicorn with a billion-dollar valuation. Besides, it has invested in ed-tech venture NoPaperForms and business-to-business e-commerce platform ShopKirana.

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