Redstart Labs (India) Ltd (“Redstart”), a wholly-owned subsidiary of Info Edge (India) Ltd (“Company”) has agreed to invest Rs. 98,94,000/- in Brainsight Technology Private Limited (“Brainsight”).
Brainsight is an existing investee company wherein Redstart holds 4% on a fully converted & diluted basis. Redstart has agreed to invest the said amount by way of subscribing to Convertible Notes. Since the Note would be converted into shares in the next round basis the valuation at that time, aggregate shareholding of the Company through Redstart, post this investment cannot be estimated at the time of making the intimation. This follow on investment by the Company through Redstart is in furtherance of Company’s investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term.
Brainsight is engaged in the business of healthcare technology, where it uses AI enabled application to provide evidence-based treatment hooks for neurosurgeons, psychiatrists and neurologists; and a private and empathetic digital aid for patients, and related business activities. It reported a turnover of Rs 27.59 lakh and a net loss of Rs 3.29 crore in FY23.
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