Info Edge to exit MedCords and Unnati Online for about ₹5,000 each
Info Edge's board has approved the sale of its entire stakes in healthtech startup MedCords and employment platform Unnati Online, for about ₹5,000 each. The stakes are a 14.18% holding in MedCords Healthcare Solutions and a 31.64% holding in Unnati Online, both held through its wholly owned subsidiary Startup Investments (Holding) Limited.
MedCords promoter and director Shreyans Mehta will buy the MedCords stake. Unnati Online's promoters and directors, Eral Ravi and Aashutosh Chaudhary, will acquire Info Edge's holding in that company.
Info Edge expects to sign the sale agreements within 30 days and complete both transactions by January 27, 2027. The Unnati stake is calculated on a fully converted and diluted basis, excluding the ESOP pool.
MedCords built a healthcare platform connecting patients, doctors and neighbourhood pharmacies. It expanded from digitising medical records and facilitating teleconsultations into a hyperlocal healthcare marketplace, using its Sehat Sathi app to bring local pharmacies online.
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Unnati Online operated Unnati Helpers, a platform connecting informal sector workers with employers. The Gurugram-based startup catered to hiring needs across households and businesses, including drivers, domestic workers, delivery personnel and factory workers.
The sales formalise exits from investments Info Edge had already fully provided for. It booked provisions for full impairment of its MedCords investment in FY24 and its Unnati Online investment in FY20.
On completion, MedCords will cease to be a joint venture of Info Edge, and Unnati Online will cease to be an associate company. Info Edge had agreed to invest ₹7 Cr in MedCords in March 2020 and invested ₹4 Cr in Unnati via convertible preference shares.
Alongside the proposed exits, the board approved an investment of up to ₹150 Cr in Redstart Labs, its deeptech-focused investment arm, through an equity subscription in one or more tranches within 18 months of approval. Info Edge said the money would support Redstart's working capital requirements, investment opportunities and other general purposes.
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