HappilyUnmarried.com raises $740K more from Naukri parent Info Edge
Info Edge (India) Ltd, which runs a slew of consumer Internet properties such as hiring portal Naukri and real estate website 99acres, has infused Rs 5 crore ($740,000) more into Delhi-based Happily Unmarried Marketing Pvt Ltd, the company behind HappilyUnmarried.com.
With this infusion, Info Edge's total investment in Happily Unmarried is now Rs 21.3 crore and it holds about 48% of the firm.
Info Edge, which also operates matrimonial website Jeevansathi and education portal Shiksha, had invested Rs 5 crore in Happily Unmarried in January, taking its stake to 44%.
Back-of-the-envelope calculations show the venture could be valued around Rs 72 crore ($10.5 million) considering the fresh issue of equity convertible securities in the latest transaction.
Phone calls and a text message to Hitesh Oberoi, managing director and CEO of Info Edge, went unanswered. An email query to Happily Unmarried late in the evening did not elicit any immediate response either.
Established in 2003 by Rahul Anand and Rajat Tuli--both alumni of Mudra Institute of Communications, Ahmedabad--Happily Unmarried designs and sells fun products through a hybrid model of offline and online retail. It has also entered men's grooming products business under its brand Ustraa.
Besides, the company organises music festivals and works with corporate houses for projects involving branding, communication, interiors and marketing â€“ all rolled into one. The products featured on the company's website include ashtrays, bags, beer glasses, cards and posters, cushions, glasses, key chains, tee-shirts and wall clocks.
For Info Edge, this adds to its venture-style investments. In June, it invested in contacts management venture Diro Labs and housekeeping services provider Unnati Helpers, as the parent of hiring portal Naukri.com spread its bets on startups.
In January, it invested about $1.1 million (Rs 7.4 crore) in mobility- and cloud-based software developer Rare Media Company Pvt Ltd.
It also owns near-majority stake in restaurant listings platform Zomato and has also invested in Bangalore-based online photography startup Canvera Digital Technologies Pvt Ltd as well as MyDala, BigStylist and PolicyBazaar, among others.
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