Info Edge cofounder Sanjeev Bikhchandani terms this investment as “Rs 288 crore mistake”

Info Edge cofounder Sanjeev Bikhchandani has termed the decision to back Rahul Yadav’s 4B Networks as a mistake. “You can’t write off Rs 288 crore, it was a mistake,” he told analysts at the company’s conference call for its quarterly financial update on August 11.

“We are taking more steps and we continue discussing on a board level on how we need to change some of our diligence practices, tighten it up, what are the signals and indicators and red flags that emerge during conversation with founders,” Bikhchandani said. Info Edge had written off its equity investment in 4B Networks during the December 2022 quarter citing “excessive cash burn, prevailing liquidity issues and significant uncertainty towards funding options.”