Info Edge invests US$ 6.33 million in Bulbulive Shopping Network
Info Edge (India), one of the most active investors among early-stage tech start-ups in the country, announced that it was investing around US$ 6.33 million in Bulbulive Shopping Network Private Limited, a video and live stream-led commerce platform.
The IE Venture Fund of the company agreed to invest US$ 6.33 million in equity through a mix of primary and secondary modes of acquisition, thus taking the total shareholding in the commerce platform to 17.82 per cent on fully converted and diluted basis. In a filing to BSE, the company informed about the investment part of a larger round of about US$ 8.7 million with existing investors contributing the balance amount.
Incorporated in July 2019, Bulbulive Shopping Network aims to make online shopping engaging and social while offering consumers the opportunity to discover new products. The company features influencers who explain the product features and interact with customers to clarify their queries helping them decide during a live broadcast.
Info Edge accelerated its investment cycle in the Indian start-ups' ecosystem when it launched its maiden venture capital fund- Info Edge Venture Fund (IEVF) earlier this year. The fund has already invested in more than 50 start-ups across the B2B and B2C segments.
Info Edge India's stock closed at Rs 3131.75 on Tuesday, higher by 0.70 per cent or Rs 21.90 per share on BSE against 1.47 per cent gain in the benchmark index. The 52-week high is recorded at Rs 3,310 and the 52-week low is Rs 1,580 on BSE.