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InfoEdge Writes Off Rs 29.3 Cr Investment In 99labels

Info Edge, the company that runs Naukri, 99acres and Jeevansathi, has informed BSE that it will be writing off its entire Rs 29.3 crore investment in the boutique online shopping site 99Labels during the current quarter. While the company hasn't provided any information as to why it is writing off this investment, its worth noting that Sanjeev Bikhchandani, Vice Chairman and Founder, Info Edge India had informed during InfoEdge's Q1-FY13 earnings call that they were planning to tweak the business model of 99labels, indicating that the company wasn't performing well. We have contacted InfoEdge for more details on this development and will update the story when we hear from them. As stated earlier, Info Edge had invested a total of Rs 29.3 crore into 99Labels till now. This includes Rs 5 crore investment in September 2012, Rs 16 crore in May 2011 and Rs 5 crore in Q4 2011. The company had 24.41%…

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