Latest News | Naukri-owned Redstart to Invest Rs 3.3 Cr in US IoT Company

New Delhi, Oct 11 (PTI) Naukri.com-owner Info Edge on Wednesday said its subsidiary Redstart will invest USD 4,00,000 (about Rs 3.32 crore) for a 12.6 per cent shareholding in US-based Ray IOT Solutions Inc.

Redstart has agreed to acquire 11,22,019 Series Seed A-5 preferred stock while the aggregate shareholding of Info Edge through Redstart, post this investment in the said entity would be 12.6 per cent on a fully converted & diluted basis, according to a filing by the company.

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Incorporated in 2019 in the US, Delaware, Ray IOT develops a non-contact breathing and sleep tracker for babies through an app called ‘Smart Journal', and has created a non-contact wellness and sleep tracker as well.

Being a cross border (automatic route) transaction, it is to be carried out in accordance with requisite approval taken under Foreign Exchange Management Act, 1999, as amended and Overseas Investment Guidelines, 2022, the company said.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)