Info Edge Says AI, Deeptech Portfolio Tops Rs 1,800 Cr in Value; Startup Portfolio Crosses Rs 41k Cr

New Delhi: Info Edge has emerged as one of India’s earliest institutional backers of artificial intelligence and deep technology startups, with investments of more than Rs 1,000 crore across 54 companies since 2020 generating early gains and attracting follow-on funding from global investors.

Info Edge, one of India’s most active startup investors, said its early bets on artificial intelligence and deep technology startups are beginning to pay off, as the company doubled down on its conviction that AI, deeptech and consumer technology will drive the next wave of value creation from India.

In a letter to shareholders, founder and vice chairman Sanjeev Bikhchandani said Info Edge has invested more than Rs 1,000 crore across 54 AI and deeptech startups since 2020, many of them before the global surge in investor interest in artificial intelligence.

“We began investing in AI and deeptech in 2020 – ahead of the broader market wave,” Bikhchandani said, adding that the company’s strategy is to “identify exceptional founders early, invest before consensus forms, and stay invested longer than most others are willing to.” The company has invested Rs 614 crore across 28 AI-focused startups, a portfolio now valued at Rs 1,268 crore, implying a 2.1-times multiple on invested capital and an estimated gross internal rate of return (IRR) of about 31 per cent.

The AI portfolio spans enterprise AI, consumer AI and AI infrastructure, and includes companies such as Aftershoot, Attentive AI, Gnani.ai, Lumiq, Pascal AI and Shipsy. Fifteen of the 28 AI startups have raised follow-on funding from institutional investors including Insight Partners, Peak XV, SIG and Vertex.

Several portfolio companies have also secured support under flagship government technology initiatives. Voice AI startup Gnani.ai was selected under the IndiaAI Mission and received government-backed GPU compute credits worth Rs 177 crore to help build sovereign AI models.

Info Edge’s deeptech portfolio comprises 30 companies spanning robotics, semiconductors, biotechnology, spacetech, defence technology and electric mobility. Investments of Rs 455 crore are currently valued at Rs 559 crore, representing a 1.2-times multiple and an estimated gross IRR of about 15 per cent.

The company said it entered sectors such as robotics, healthcare, biotechnology and space technology well before they attracted mainstream investor interest, often backing startups at the intellectual property creation and research-and-development stage.

Notable investments include warehouse automation company Unbox Robotics, electric aircraft startup ePlane, satellite propulsion company Manastu Space, semiconductor venture Bharat Semi and battery technology startup Clean Electric.

Two portfolio companies – ePlane and Manastu Space – recently secured funding allocations under the Indian government’s Research Development and Innovation (RDI) scheme. EPlane received Rs 285 crore, the largest allocation among approved projects, while Manastu Space secured Rs 115 crore, subject to matching private-sector investment.

Bikhchandani said several deeptech companies were beginning to show promise in areas including warehouse robotics, immuno-oncology, semiconductors and electric mobility, although he cautioned that deeptech businesses typically require longer development cycles.

Consumer technology remains the largest contributor to value creation within Info Edge’s startup portfolio. The company has invested Rs 2,755 crore across 45 consumer technology and consumer AI startups, with the portfolio now valued at Rs 37,214 crore, representing a 13.5-times return on invested capital and an estimated gross IRR of about 34 per cent.

The portfolio includes listed companies Eternal, which houses Zomato and Blinkit, and PB Fintech, parent of Policybazaar, alongside investments in sectors including travel, healthcare, e-commerce, fintech, gaming and education technology.

Consumer-focused investments include Bluestone, Ixigo, Truemeds, Wakefit, Adda247, Zingbus and a growing number of AI-enabled consumer platforms.

“This is the portfolio that produced Eternal and PB Fintech, and the value creation from staying invested in such businesses for long periods speaks for itself,” Bikhchandani said.

In total, Info Edge and the venture funds it manages have invested about Rs 4,900 crore across 135 startups. The combined portfolio is currently valued at roughly Rs 41,300 crore, representing an 8.4-times multiple on invested capital and an estimated gross IRR of about 33 per cent.

Of the total capital deployed, around Rs 3,600 crore has been invested by Info Edge and its group companies, while the remainder has come from external investors in the alternative investment funds managed by the company. The combined gross IRR of those funds stands at about 22 per cent, according to the shareholder letter.

Bikhchandani stressed that much of the value remains unrealised and that early-stage investing requires patience.

“Early stage investing needs seven to ten years for positive results to emerge,” he said. “We regard intermediate IRRs with some degree of scepticism and take them with a generous pinch of salt.” He said Info Edge’s advantage lies in being both an operator and investor, allowing it to support founders beyond capital. The company believes AI will increasingly reshape both startups and established internet businesses, including its recruitment platform Naukri, where AI is already being deployed to improve search, candidate matching, recruiter productivity and user engagement.

“We believe India will create globally relevant AI, deeptech and consumer technology companies over the next decade,” Bikhchandani said. “India is entering a period where globally relevant technology companies will increasingly be built from India, not just for India.”

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