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Meanwhile, Yadav’s delaying tactics continue as 4B Networks asks for more time in its arbitration proceedings with Innov8 and Info Edge. He was also questioned twice by the Mumbai Police this week.
Melbourne-based REA Group, the owner of Australian real estate sites realestate.com.au, realcommercial.com.au and spacely.com.au, stated that it experienced a 46% surge in revenue from India for the financial year that ended in June 2023. By comparison, Australian revenue only saw a 1% uptick during the same period. REA India posted a revenue of AUD 79 million ($57 million) in the fiscal year, up from AUD 54 million the previous year.
Info Edge had pumped Rs 288 crore into 4B Networks, including Rs 276 crore as equity and Rs 12 crore in debt. The company announced in the Q3 FY23 financial results that it wrote off its investments in 4B Networks due to suspected financial irregularities.
Former Amazon executive Puneet Chandok, who left the Seattle-based etailers Amazon Web Services team as its India and South Asia head, in June, will now lead the India operations of Microsoft. This and more in todays ETtech Top 5.
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