Info Edge to write off Rs. 293 million in 99labels.com

Info Edge Limited has informed BSE that the company will be providing for writing off its investment of about INR 293 million ( $4.5million) in Ninety Nine Labels Private Limited which runs online private sales website 99labels.com, during the current quarter. Info edge had invested INR 157 million ($3.5 million) and INR 5 crore ($0.9 million) in 99lables, in 2011 and 2012 respectively. Info Edge India had informed during company’s Q1-FY13  to Medianama that they were planning to tweak the business model of 99labels, indicating that the company may not be performing well.

99labels.com, backed by Info Edge was launched in 2009 offers merchandise for women, men and kids under various categories including apparel, shoes, accessories,etc. Last year it has launched its second venture 9Rasa.com which is a catalogue based ecommerce website for traditional wear.

Info Edge runs various internet businesses including Naukri, Jeevansathi.com , 99acres.com and Shiksha.com. Apart from this Info Edge has made significant strategic investments into emerging internet companies including Meritnation.com, Policybazaar.com, Mydala.com, and Zomato.com.

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