Page 52 - Info Edge News Today

Info Edge (India) Ltd, the owner of Naukri, has started a forensic audit of Broker Network (operated by 4B Networks Pvt Ltd) founded by Rahul Yadav for repeatedly failing to provide information on financial transactions and transactions with related parties, among other things. Allcheckdeals India Pvt Ltd (AIPL), a wholly-owned subsidiary of Info Edge, invested Rs276 crore in Mr Yadavs 4B Networks and provided debt financing of Rs12 crore. AIPL holds a 65% stake in Broker Network, Mr Yadav has a...

This was after the former Housing.com founder’s latest startup exhausted Rs 192 crore in the past 14 months and majority shareholder Info Edge asked it for granular financial details.

Sanjeev Bikhchandani backed B2B marketplace bijnis in 2018 and remained bullish on the startup for five years, owning the biggest stake with 26.27percent. He eventually realised that with high cash burn, unsustainable unit economics and a funding winter, bijnis didn't make sense

Sensex and Nifty gained for the third consecutive month, with sustained foreign capital inflow, healthy Q4 earnings, and strong macroeconomic data. Market experts predict all-time high levels in June due to healthy macroeconomic indicators and a possible pause in rate hikes by the Fed.

Medianama.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medianama.com Daily Mail and Mail on Sunday newspapers.

Info Edge said in a filing that it has sought details of financial transactions and more from 4B Networks, which the startup is contractually obligated to give, but has not.

Info Edge took this decision after Rahul Yadav's 4B Networks refused to give any information on financial transactions and related party transactions.

Broker Network founder Rahul Yadav is alleged to have built a web to syphon off funds that has left employees without pay for months

In an exchange filing, Info Edge said it has appointed Deloitte as the forensic auditor to look into the affairs of beleaguered 4B Networks.

Info Edge took this decision after Rahul Yadav's 4B Networks refused to give any information on financial transactions and related party transactions.