Info Edge Says Value of Its 28-Company AI Startup Portfolio Has More Than Doubled to ₹1,268 Crore
Info Edge has disclosed that its portfolio of 28 artificial-intelligence startups is now valued at ₹1,268 crore, more than twice the ₹614 crore invested in the companies since 2020, highlighting the growing value of the Naukri parent company's early bets on India's AI ecosystem.
The portfolio has generated a 2.1-times gross multiple on invested capital and an estimated gross internal rate of return of approximately 31%, according to information shared by Info Edge in a letter to shareholders.
The disclosure provides one of the clearest views yet into the company's artificial-intelligence investment strategy.
Info Edge began investing systematically in AI and deeptech around 2020, several years before the generative-AI boom triggered a global surge in funding for the sector.
Its AI portfolio now spans businesses operating across consumer AI, enterprise AI and AI infrastructure, including companies developing agentic platforms, voice technology, vertical software, productivity tools, application security and AI observability.
The performance also forms part of a much larger startup-investment operation.
Across all categories, Info Edge and its investment vehicles have deployed approximately ₹4,900 crore across 135 startups, with the combined portfolio valued at around ₹41,300 crore as of March 31, 2026.
Info Edge Invested ₹614 Crore Across 28 AI Startups
Info Edge has deployed approximately:
₹614 crore
across:
28 AI-native companies.
The fair market value of those investments has reached:
₹1,268 crore.
That represents a gross multiple on invested capital of:
2.1x.
The portfolio's estimated gross IRR stands at approximately:
31%.
The figures suggest that Info Edge's early positioning in artificial intelligence has already created meaningful unrealised value.
26 of 28 AI Portfolio Companies Remain Active
Of the 28 companies backed by Info Edge:
26 remain active.
The portfolio covers several segments of the AI ecosystem rather than concentrating on a single technology category.
Info Edge has invested in companies building:
consumer AI applications,
enterprise AI software,
AI infrastructure,
voice AI,
agentic systems,
vertical AI,
productivity tools,
application security,
knowledge-management platforms,
and AI observability technology.
This diversified approach gives the company exposure to multiple potential areas of AI adoption.
Info Edge Started Investing in AI Around 2020
Timing has become an important part of Info Edge's investment narrative.
The company began investing in artificial intelligence and deeptech around:
2020.
That was well before the global investment surge that followed the rapid commercial adoption of generative AI.
By entering the sector earlier, Info Edge was able to invest in startups when valuations and investor competition were generally lower.
Its strategy has centred on identifying promising founders before particular technology categories become widely accepted by institutional investors.
Sanjeev Bikhchandani Emphasises Investing Ahead of Consensus
Info Edge founder and executive vice chairman Sanjeev Bikhchandani has positioned early investing as a core element of the company's approach.
The strategy involves identifying exceptional founders before broader market consensus develops and remaining invested over extended periods.
This philosophy has already played an important role in Info Edge's history.
The company was an early investor in businesses that later became major publicly traded technology companies.
Artificial intelligence and deeptech represent the next generation of that investment strategy.
Follow-On Funding Provides External Validation
Another important indicator is the ability of portfolio companies to attract additional investors.
Of Info Edge's 28 AI investments:
15 companies have subsequently raised externally led funding rounds.
These follow-on rounds have involved institutional investors including:
Insight Partners,
Peak XV,
SIG,
Vertex,
Left Lane,
and other venture-capital firms.
External fundraising can provide an important source of validation for early-stage portfolios.
It demonstrates that companies initially backed by Info Edge are subsequently attracting capital from independent investors.
Aftershoot Represents Consumer and Prosumer AI Exposure
One representative company in the portfolio is Aftershoot.
The company develops AI-powered tools designed primarily for professional photographers.
Its technology helps automate activities such as:
photo selection,
culling,
and editing.
These processes can otherwise require substantial manual effort after a photography assignment.
Aftershoot demonstrates how artificial intelligence can create value by automating specialised professional workflows rather than simply providing general-purpose AI assistants.
The company serves users primarily in developed international markets.
Attentive AI Targets Vertical Enterprise Software
Another portfolio company, Attentive AI, applies artificial intelligence to specialised business workflows.
The company develops vertical AI software for industries including:
landscaping
and
construction.
Vertical AI is becoming an important investment category because companies can combine artificial intelligence with detailed industry-specific knowledge.
Rather than building general-purpose models, vertical AI companies focus on particular workflows where specialised data and operational understanding can create defensibility.
Info Edge's portfolio includes several businesses following this model.
Gnani.ai Builds Voice-First Agentic AI
Info Edge has also backed Gnani.ai, a voice-first agentic AI company serving enterprise customers.
Voice AI has become increasingly important as speech recognition and generative models improve.
Businesses are using voice-based systems for:
customer support,
sales,
service automation,
collections,
and other communication-heavy operations.
Gnani.ai is also participating in India's efforts to develop sovereign AI capabilities, including work connected with the IndiaAI Mission's voice-model ecosystem.
This gives Info Edge exposure to both commercial enterprise AI and India's broader domestic AI-infrastructure development.
Info Edge Is Investing Across AI Infrastructure
The company's portfolio is not limited to end-user applications.
Info Edge has also invested in companies building underlying infrastructure for artificial intelligence.
Infrastructure opportunities can include:
model development,
AI observability,
developer tools,
data systems,
security,
and computing infrastructure.
As AI adoption expands, companies will require an increasingly sophisticated technology stack to develop, deploy, monitor and secure models.
Investors are therefore attempting to identify businesses capable of becoming foundational infrastructure providers.
AI Portfolio Is Further Along Than Deeptech Investments
Info Edge has separated its AI investments from its broader deeptech portfolio when evaluating performance.
The AI companies are, on average, further along commercially.
Several have already achieved meaningful revenue and attracted significant external capital.
That helps explain why the AI portfolio currently shows stronger financial performance.
Info Edge's deeptech investments are generally earlier in their development cycles and often require longer periods of research, engineering and product validation.
Deeptech Portfolio Is Valued at ₹559 Crore
Alongside its AI investments, Info Edge has deployed approximately:
₹455 crore
across:
30 deeptech companies.
The portfolio currently carries a fair market value of approximately:
₹559 crore.
That represents a gross multiple of around:
1.2x
and an estimated gross IRR of approximately:
15%.
Of the 30 companies, 26 remain active.
Thirteen have raised externally led follow-on funding rounds.
AI and Deeptech Investments Total ₹1,003 Crore
Taken together, Info Edge has invested approximately:
₹1,003 crore
across AI and deeptech startups since 2020.
The combined portfolio covers:
54 companies.
There is some overlap between the AI and deeptech categories, which is why the individual company counts should not simply be added together.
The combined fair value of the AI and deeptech portfolios stands at approximately:
₹1,827 crore.
This gives Info Edge a broad early-stage position across technologies expected to influence India's economy over the coming decade.
Deeptech Bets Include Semiconductors and Robotics
Info Edge's deeptech investments extend into several capital-intensive technology areas.
The company has highlighted promising businesses operating in:
warehouse robotics,
immuno-oncology,
semiconductors,
electric mobility,
space technology,
healthcare,
and biotechnology.
These sectors often require substantially longer development cycles than conventional internet startups.
Companies may spend years on research, prototypes, regulatory processes and manufacturing before achieving meaningful commercial scale.
Info Edge's investment strategy therefore requires patience.
AI Portfolio Demonstrates Different Economics
AI software companies can potentially scale more rapidly than many deeptech businesses.
Once an AI software product has been developed, it can often be distributed globally without requiring equivalent increases in physical manufacturing capacity.
Deeptech businesses may need:
laboratories,
specialised equipment,
manufacturing facilities,
regulatory approvals,
and complex supply chains.
The stronger current returns from Info Edge's AI portfolio therefore partly reflect the different maturity and economics of the two categories.
Consumer Technology Remains Info Edge's Largest Value Creator
Despite growing attention around AI, Info Edge's consumer-technology portfolio remains its largest source of startup investment value.
The company has invested approximately:
₹2,755 crore
across:
45 consumer technology and consumer-AI companies.
Those holdings are now valued at approximately:
₹37,214 crore.
That represents a gross multiple of:
13.5x
and an estimated gross IRR of approximately:
34%.
The scale demonstrates the value created by Info Edge's earlier technology investments.
Info Edge Has Backed Major Indian Internet Companies
Info Edge has a long history of investing in Indian technology startups.
Its best-known investments include companies that eventually became major listed businesses.
The company's startup portfolio has included businesses such as:
Eternal,
PB Fintech,
ixigo,
BlueStone,
Wakefit,
and Adda247.
Some of these investments were made when the companies were still relatively early in their development.
The resulting value creation has transformed startup investing into a strategically important component of Info Edge's overall business.
Total Startup Portfolio Reaches ₹41,300 Crore
Across all sectors, Info Edge's startup investment operation has become substantial.
Approximately:
₹4,900 crore
has been deployed across:
135 startups.
The portfolio's fair value has reached approximately:
₹41,300 crore.
That translates into a gross multiple on invested capital of around:
8.4x
and a gross IRR of approximately:
33%.
The figures include investments made directly by Info Edge and through its managed investment funds.
Info Edge Uses Multiple Vehicles to Back Startups
The company invests through several structures.
These include:
Redstart Labs,
Capital 2B,
and the Info Edge Ventures funds.
The different vehicles allow Info Edge to invest across companies with different technology profiles and stages of development.
Redstart Labs has been particularly associated with early technology and deeptech investments.
Capital 2B focuses heavily on deeptech opportunities.
The Info Edge Ventures funds provide another platform for investing in Indian technology startups.
External Investors Also Participate Through Info Edge Funds
Not all of the capital managed through the startup ecosystem comes directly from Info Edge's balance sheet.
Of the roughly ₹4,900 crore invested across the broader startup portfolio, approximately:
₹1,300 crore
has come from external limited partners through alternative investment funds managed by the group.
The remainder has largely been contributed through Info Edge and its entities.
This structure allows the company to combine its own capital with third-party institutional capital.
It also increasingly positions Info Edge as both a technology operating company and a startup investment platform.
AI Investment Strategy Focuses on Indian Founders
Info Edge has reiterated its preference for backing:
India-domiciled companies led by Indian founders.
Those companies may build primarily for India or pursue international customers.
The geographic focus reflects Info Edge's belief that India's technology ecosystem can create globally competitive companies across emerging sectors.
Artificial intelligence strengthens this opportunity because software products can often reach international markets relatively quickly.
Several companies in Info Edge's AI portfolio already serve customers outside India.
Indian AI Startups Are Attracting More Global Capital
The investment environment surrounding Indian AI startups has changed rapidly.
Global investors increasingly view India as both:
a large AI adoption market
and
a source of technical talent capable of building products for international customers.
Indian founders are developing companies across:
foundation models,
enterprise AI,
voice technology,
developer infrastructure,
healthcare,
financial services,
consumer applications,
and specialised vertical software.
Info Edge's early portfolio gives it exposure to this expanding ecosystem.
Agentic AI Creates New Investment Opportunities
One particularly important development is the rise of agentic artificial intelligence.
Traditional AI assistants primarily provide information or generate content.
AI agents are designed to perform multi-step tasks and potentially execute actions on behalf of users.
This creates opportunities across:
customer support,
sales,
software development,
finance,
operations,
legal workflows,
and enterprise automation.
Info Edge's portfolio already includes companies developing voice-first and agentic platforms.
The company could therefore benefit if enterprise adoption of autonomous AI systems accelerates.
Early AI Investment Carries Significant Risk
The increase in portfolio value does not eliminate investment risk.
Many of Info Edge's AI companies remain private and relatively early-stage.
Private-company valuations can fluctuate significantly.
Some startups may fail.
Others may require substantial additional funding before reaching profitability.
Competition within AI is also intense because technological barriers can change quickly as foundation models improve.
A 2.1x gross portfolio value therefore represents an important early scorecard rather than a realised investment return.
Fair Market Value Is Not the Same as Cash Return
The ₹1,268 crore figure represents the estimated fair market value of Info Edge's AI holdings.
It does not mean the company has realised ₹1,268 crore in cash.
Much of the value remains invested in privately held startups.
Actual returns depend on future liquidity events such as:
acquisitions,
secondary transactions,
share buybacks,
or initial public offerings.
Valuations can also rise or fall before those exits occur.
This distinction is important when assessing venture-capital portfolios.
Info Edge Prefers Long-Term Startup Ownership
Info Edge has historically demonstrated a willingness to remain invested for long periods.
This approach can allow the company to capture a larger portion of the value created when a startup progresses from an early-stage business into a major enterprise.
The strategy is particularly relevant in AI and deeptech.
Transformative technology companies may require years to develop strong products, distribution and defensible market positions.
Selling too early could limit potential returns from successful companies.
IPOs Remain Important Exit Route
Public-market listings have played an important role in Info Edge's investment history.
The company has indicated a preference for IPOs as a long-term route to liquidity for successful portfolio companies.
A public listing can:
create liquidity,
establish transparent market valuation,
provide growth capital,
and allow early investors to monetise holdings gradually.
Info Edge's experience with previously listed portfolio companies gives it a framework for managing investments through this transition.
AI Could Become the Next Major Value-Creation Engine
Consumer internet investments have historically generated the largest returns for Info Edge.
The company is now positioning artificial intelligence and deeptech as potential future value-creation engines.
The AI portfolio's early 2.1x multiple provides evidence that this strategy is beginning to produce results.
However, the long-term outcome will depend on whether portfolio companies can:
scale revenue,
develop durable technology,
attract customers,
defend their markets,
and eventually create liquidity for investors.
The next several years will determine whether Info Edge can replicate some of its consumer-internet investment success in AI.
Info Edge Shares Responded Positively to Portfolio Disclosure
Investors reacted positively when Info Edge disclosed the portfolio details in June.
The company's shares gained approximately:
4%
following the shareholder update.
The market response reflected the significance of the previously less-visible value inside Info Edge's startup investment portfolio.
For public-market investors, the company's valuation increasingly reflects two distinct components:
its operating internet businesses
and
its substantial portfolio of startup investments.
Greater disclosure can help investors evaluate the second component more accurately.
Startup Investments Add Another Dimension to Info Edge
Info Edge is best known as the parent company of recruitment platform Naukri.com.
Its operating businesses also span areas such as:
real estate,
matrimony,
and education.
However, startup investing has become an increasingly important part of the company's identity.
Successful investments provide potential capital gains while giving Info Edge exposure to technology sectors outside its core operating businesses.
AI and deeptech expand that strategy into areas that could shape the next generation of technology companies.
Conclusion
Info Edge's disclosure that its ₹614 crore investment across 28 AI startups is now valued at ₹1,268 crore provides an early validation of the company's decision to begin systematically backing artificial-intelligence businesses around 2020.
The portfolio has generated a 2.1x gross multiple on invested capital and an estimated 31% gross IRR, with 26 of the 28 companies remaining active.
Fifteen portfolio companies have already raised externally led follow-on rounds, providing another indicator of investor interest in Info Edge's early AI bets.
The AI portfolio forms part of a wider technology investment strategy.
Info Edge has deployed approximately ₹1,003 crore across 54 AI and deeptech companies, with the combined portfolios valued at around ₹1,827 crore.
Across all categories, approximately ₹4,900 crore invested in 135 startups has grown to a fair value of roughly ₹41,300 crore.
Consumer technology remains the company's largest investment success, but AI is emerging as another potentially important source of long-term value.
The key question is now whether the early valuation gains across Info Edge's AI portfolio can eventually translate into large-scale commercial businesses and realised returns.
If they do, the company's decision to invest before the global AI funding boom could become another important chapter in its long-running startup investment strategy.