While Info Edge’s cash infusion in the startup stood at Rs 288 crore, the rest is the notional loss from a higher valuation that the startup commanded earlier. Info Edge has a 59% stake in the proptech firm.
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.
A first information report (FIR) has been registered by the Mumbai police against Yadav and Sanjay Saini of 4B Networks for cheating. Sources close to the development say that a lookout notice has been issued against Yadav.