Naukri parent Info Edge to pump more money into health-tech platform MedCords

Info Edge (India) Ltd, the parent of jobs portal Naukri.com, has agreed to invest more funding worth Rs 7 crore (about $920,000 at current exchange rate) in medical healthcare records platform MedCords Healthcare Solutions Pvt. Ltd.

Info Edge in a stock-exchange filing said it will acquire 2,869 Series A compulsorily convertible preference shares at Rs 295.2 apiece through its subsidiary. 

The preference shares, when converted, will bump up Info Edge’s stake in MedCords to 16.89% from 11.37%.

MedCords was founded in 2016 by Nikhil Baheti, Saida Dhanavath and Shreyans Mehta. 

The startup helps connect patients, doctors and pharmacies to facilitate tele-consultations for patients in Tier-II and Tier-III cities. It also enables digitisation and on-demand availability of a patient's medical records.

MedCords' turnover increased to Rs 7.8 crore for the year ended 31 March 2019 from Rs 0.26 crore the previous financial year.

Health-tech deals

The broader health-technology segment has seen a significant increase in investor attention. 

Last month, Mumbai-based Qure.ai Technologies Pvt. Ltd raised $16 million (Rs 115 crore) in a funding round led by Sequoia Capital.

Healthcare data analytics startup Innovaccer Inc. raised nearly Rs 500 crore in Series C funding from marquee investors including Steadview Capital, Tiger Global and WestBridge Capital in February.

According to a VCCircle survey, health-tech is the most preferred sub-domain for venture capitalists this year.

Info Edge's bets on startups

Info Edge has made several investments in startups across sectors.

Last week, it agreed to invest another Rs 8 crore ($1.06 million) in education services startup Univariety.

Last month, Info Edge invested in Sunrise Mentors Pvt. Ltd, a Delhi-based company that operates online learning platform CodingNinjas.

One of its major investments is in food delivery and restaurant search platform Zomato, which in January acquired Uber Technologies Inc.'s food delivery business in India, Uber Eats.

Other bets it has made include education-technology startup Adda247, digital logistics platform Shipsy, Happily Unmarried Marketing Pvt. Ltd, and Greytip Software Pvt. Ltd.

Notably, in January, Info Edge floated a venture capital fund to invest in tech and tech-enabled companies. 

In a filing at the time, the company said it would invest around Rs 100 crore ($14 million) in Info Edge Venture Fund, sponsored through wholly-owned unit Smartweb Internet Services Ltd.

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