Data Edge cofounder Sanjeev Bikhchandani has termed the choice to again Rahul Yadav’s 4B Networks as a mistake. “You possibly can’t write off Rs 288 crore, it was a mistake,” he informed analysts on the firm’s convention name for its quarterly monetary replace on August 11.
“We’re taking extra steps and we proceed discussing on a board stage on how we have to change a few of our diligence practices, tighten it up, what are the indicators and indicators and crimson flags that emerge throughout dialog with founders,” Bikhchandani mentioned. Data Edge had written off its fairness funding in 4B Networks throughout the December 2022 quarter citing “extreme money burn, prevailing liquidity points and important uncertainty in direction of funding choices.”
Revenue halves to Rs 147 crore
Web firm Data Edge owns platforms like Naukri.com, Jeevansathi and many others. Through the earnings name, the corporate mentioned that its consolidated web revenue in June quarter FY2024 virtually halved to Rs 147.4 crore. It posted a web revenue of Rs 292.4 crore for a similar interval a 12 months in the past. Income from operations elevated 14.37 per cent to Rs 625.94 crore throughout the quarter from Rs 547.26 crore within the year-ago interval.
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“The Naukri enterprise is dealing with headwinds in IT hiring, nonetheless the non-IT hiring market continues to look good. Development in 99acres continues to be sturdy. In Jeevansathi, our Freemium technique has helped us carry down our advertising spend and minimize burn over the previous few quarters,” Data Edge Managing Director and Chief Government Officer Hitesh Oberoi mentioned in an announcement.
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Prime Remark
Sumit Kumar Kumar
7 days in the past
Funding selections have to be primarily based on prudence
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