Info Edge India, among India's few listed Internet companies, today announced today that it will be writing off its entire investment, amounting to Rs 29.3 Crore, in e-commerce company 99Labels this quarter. This follows shortly after the company increasing its investment in Zomato and Meritnation, and it appears to now picking its winners, from its investment portfolio. MediaNama spoke with Info Edge Founder and Vice Chairman Sanjeev Bikhchandani about why they wrote off this investment, and his views on the e-commerce environment in India: MediaNama: Why have you written off the investment in 99Labels? Bikhchandani: We have taken into account the current e-commerce environment, especially the funding environment, and we have recognized that this asset has been impaired. We have said that we're going to write off this investment this quarter, and have informed our investors. MediaNama: Does 99Labels have cash…
