Started at a time back in 2000 when Google was a small startup and there were a couple of million people on the internet, the publicly-listed Info Edge started as a pure internet company.
A dotcom boom in the US led to VCs looking for companies to invest in and as luck would have it, we had a couple of VCs chasing us says CEO & Managing Director Hitesh Oberoi, who is also a co-promoter of the company.
“Around April-May 2000, we took money from ICICI Ventures. They invested about INR 7 crore. We raised money, and what they told us is the money will come in tranches. So the money was promised in three tranches.”
Many internet companies those that had raised money at that time, spent the money without building a great business model. Over time they went bust. After the bust, there was no money available to be raised for many years. Info Edge, which was founded by Sanjeev Bikhchandani, had raised money but not spent it.
Over time, Info Edge’s revenue started growing. From 30 lakh a year, it went to INR 1 crore per year; then to INR 3 crore next year. In the third year, it broke even with INR 3 crore in the back and since then it has been profitable.
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