Info Edge's subsidiary Redstart Labs to invest in Ray IOT Solutions

Info Edge (India) Limited has informed that its wholly-owned subsidiary Redstart Labs (India) Ltd. agreed to invest about $4,00,000 in Ray IOT Solutions Inc. at the applicable exchange rate.

 

As per the filing, Ray IOT is engaged in the healthcare sector and develops a non-contact breathing and sleep tracker for babies. Raybaby analyzes and relays a host of information about baby’s health through an app called ‘Smart Journal’. Ray IOT has created the first and only non-contact wellness and sleep tracker.

 

“This follow on investment by the Company through Redstart is in furtherance of Company’s investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term”, the company informed to the exchanges on Wednesday.

 

Further, Redstart has agreed to acquire 11,22,019 Series Seed A-5 Preferred Stock. 

 

Notably, the aggregate shareholding of the Company through Redstart, post this investment, in the said entity would be 12.6% on a fully converted & diluted basis.

 

At around 12:44 PM, shares of Info Edge (India) were trading in the green by 0.15% at Rs 4234.90 per share on the BSE.

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