First Read: Info Edge (India) "Incremental upside with rising AI and..."

Research evidence excerpt

First Read: Info Edge (India) "Incremental upside with rising AI and..."

Global Research

23 June 2026ab

First Read

EquitiesInfo Edge (India)

Incremental upside with rising AI and deeptech India

relevance Internet Services

12-month rating Buy *

12m price target Rs1,280.00

Key Developments and Investment Outlook

Info Edge continues to build its early stage investing franchise with cumulative

investments of Rs49bn across 135 startups which are now valued at Rs413bn, implying Price (22 Jun 2026) Rs984.25

an 8.4x multiple and c33% gross IRR. Of this cRs36bn has been invested by Info Edge RIC: INED.BO BBG: INFOE IB

and group companies while Rs13bn has been deployed by external LPs. The portfolio is

Trading data and key metrics

increasingly oriented towards three themes which are expected to drive future value

creation including AI, deeptech and consumer technology. Notably, Info Edge’s early 52-wk range Rs1,517.55-925.10

investments in consumer internet businesses during 2007 to 2012 led to marquee Market cap. Rs637b/US$6.73b

outcomes such as Eternal and PB Fintech, with the stock often perceived as a proxy for Shares o/s 647m (ORD)

India’s consumer tech sector prior to these listings. With incremental capital now Free float 60%

shifting towards AI and deeptech since 2020 and given the limited availability of listed Avg. daily volume ('000) 2,237

plays in these segments, Info Edge is increasingly positioning itself as a proxy for Avg. daily value (m) Rs2,195

emerging AI and deeptech exposure, while consumer tech remains anchor. Common s/h equity (03/27E) Rs405b

P/BV (03/27E) 1.6x

AI portfolio scaling with early entry and improving validation Net debt to EBITDA (03/27E) NM

Info Edge has deployed Rs6.14bn across 28 AI companies which are currently valued at