Info Edge (India) to invest Rs 5.2cr in pet parenting app Sploot
Info Edge (India) said that its fully-owned subsidiary Redstart Labs (India) will invest INR 5.2 crores in Sploot Private Limited, a pet parenting app.
The investment will give 1,822 compulsorily convertible preference shares of Sploot for Redstart Labs (India.
Info Edge (India) said that its total stake in Sploot through Redstart Labs, after the investment will be 24.13% on a fully converted and diluted basis.
Info Edge (India) to invest Rs 5.2cr in pet parenting app Sploot. Photo courtesy of Birgit from Pixabay.
Sploot is involved in offering products and services to pet owners with regard to the health of their pets as well as behavior and nutrition via app-based help and content. This includes the organization of the medical records of pets, their routine chores, and access to professional as well as services.
Founded in 2019, the community and content-led platform hopes to become a top-rated app for pet-related information, products. and services. Its focus is on the regular and routine actions of pets like eating and walking.
Info Edge (India) stated: “This follow on investment by the Company through Redstart is in furtherance of Company’s investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term.”