Venture Capitalist Info Edge Increases Ownership in Sploot, Pet Care Startup, Stake Reaches 26.40%

Info Edge’s subsidiary Redstart Labs is investing additional INR 3 crore in Sploot, bringing its stake to 26.40%.

Redstart, founded in 2020, is in the business of making direct or indirect investments in technology companies, as well as providing all types of internet services, software development, consulting, technical support for consumer companies, internet or SaaS providers, and any other information technology and product development services.

According to an exchange filing, Redstart Labs will acquire 1,051 Seed-2 Series compulsory convertible preference shares of Sploot.

“This is to inform you that Redstart Labs (India) Ltd. (” Redstart Inc. “), a wholly-owned subsidiary of the Company has agreed to invest an amount of about INR 3 Cr in Sploot Private Limited (” Sploot, “) and consequently the company’s aggregate shareholding through Redstart would increase from 21.96% to 26.40% on a fully converted and diluted basis upon completion of the acquisition of shares,” according to the filing.

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The acquisition is likely to be completed within 30 days of the Redstart board’s approval.

Sploot, founded in 2019 by Arnav Sahni and Garima Kaushal, is a pet care firm that provides an app for pet health, behavior, and nutrition. It allows pet parents to book services like dog walking and grooming. It also sells pet food under the brand name. 

According to the declaration, Sploot has a net worth of INR 3.15 crore. It lost INR 5.42 crore in the fiscal year 2023-24 (FY24) despite earning INR 1.79 crore in operating revenues.

Info Edge is one of the most active investors in India’s startup ecosystem. Its portfolio includes brands such as Zomato and Policybazaar.

In October of this year, Info Edge’s board approved an investment of INR 30 crore (about $3.5 million) in Redstart.

Info Edge’s net profit fell 64.6% to INR 84.73 crore in the September quarter of fiscal year 2024-25 (Q2 FY25), from INR 239.74 crore in the same quarter last year. Revenue from operations climbed by 12% to INR 700.82 crore in the current quarter, up from INR 625.84 crore in the previous year.