Info Edge (India) Ltd (the “Company”)has agreed to sell its entire shareholding held through its wholly owned subsidiary – Startup Investments (Holding) Limited (SIHL) in its associate company namely Happily Unmarried Marketing Private Limited (HUM) to VLCC Health Care Limited (VLCC) via a mix of cash and other than cash consideration (swap of shares). HUM is the owner of the men’s grooming brand Ustraa.
Pursuant to the execution of above transaction, all the earlier share subscription agreements entered into by and between the Company, HUM and other investors shall stand terminated.
The Company held 30.48% in HUM through SIHL as on 31 March 2023. The cost of acquisition is INR 61 crores in form of cash and share swap, thereby, valuing HUM at about INR 200 crores.
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