Info Edge slips into red in Q4, writes off investment in Bizcrum Infotech

Info Edge on Friday reported a consolidated loss of Rs 503.19 crore for the fourth quarter (Q4) of FY23, compared to a net profit Rs 719.5 crore in the year ago period.

In a regulatory filing, the firm also disclosed that it has written off its entire investment in Bizcrum Infotech, the parent company of business-to-business (B2B) marketplace Bijnis, worth Rs 76.6 crore. Earlier, the firm had written off Rs 276 crore of its investment in Rahul Yadav-backed 4B Networks in the third quarter.

The write off, Info Edge said, came “following the principles of conservatism and prudence, and after due consideration of factors including continuing cash burn, limited availability of cash in proportion to unspecified liabilities with respect to buyback obligations (including liquidation preference)