In a shareholders’ letter explaining its investment thesis, Zomato-backer Info Edge revealed that it has invested ₹1,003 Cr across 54 AI and deeptech startups from 2020 until March 31, 2026 . 

The company labelled its “AI and deeptech portfolios represent a broad, early position across the technologies expected to shape the coming decade for India and beyond”.

Info Edge’s AI portfolio comprises 28 companies including Aftershoot, Gnani.ai, Jurisphere, Pascal AI, and Phot.ai. While it had deployed ₹614 Cr across these companies, it values its investments worth as of now to be at ₹1,268 Cr. This indicates a 2.1X internal rate of return (IRR) and gross IRR of 31%. 

Meanwhile, the Naukri parent’s relatively younger deeptech portfolio consists of 30 companies (of which 26 are active). The portfolio features names like Anscer Robotics, CynLr, Manastu Space, Deepinder Goyal’s Temple, Unbox Robotics, among others, 

Info Edge has poured ₹455 Cr across these 30 investments, which span deeptech sub-sectors like robotics, immuno-oncology, semiconductors, and electric mobility. The Sanjeev Bikhchandani-led company values its deeptech holdings at ₹559 Cr, indicating a 1.2X multiple and gross IRR of 15%.

Per its usual investment thesis, the investor joined the cap tables of these startups at a relatively early stage, mainly backing these companies at the IP creation and R&D stage. 

To note, Info Edge is also an early-stage backer of consumer tech unicorns like Eternal and PB Fintech. Info Edge’s two largest bets — Eternal and PB Fintech — alone account for substantial valuation of its portfolio. At the end of the March quarter (Q4 FY26), its invested amount in Eternal and PB Fintech stood ₹722.3 Cr. 

While it is doubling down on deeptech, Info Edge continues to view consumer internet as the mainstay of its investing franchise. It has invested ₹2,755 Cr across 45 consumer tech and consumer-AI startups till date. The investments have grown by a multiple of 13.5X and a gross IRR to ₹37,214 Cr at the end of FY26. 

However, its consumer internet investment thesis is now shifting towards AI. 

“We also believe leading consumer businesses built in the pre-AI era have significant scope to reimagine their consumer touchpoints, product offerings, customer service and internal operations using AI which is playing out across our portfolio companies and in our own operating businesses like Naukri,” Info Edge’s shareholder note read.

In total, Info Edge reported that it has invested ₹4,900 Cr across 135 startups to date. Its portfolio is now valued at ₹41,300 Cr, signalling a 8.4X multiple and gross IRR of around 33%. Out of the sum invested, the company noted that external limited partners supplied ₹1,300 Cr via managed AIFs, with the remainder coming from Info Edge’s balance sheet.

Delving Into Info Edge’s Investment Thesis

In the letter, Info Edge’s cofounder Bikhchandani summarised the firm’s investment strategy as follows: “identify exceptional founders early, invest before consensus forms, and stay invested longer than most others are willing to.” 

In accordance with this, Info Edge began evaluating and backing AI startups as early as 2020, way before the AI sector began to boom. This enabled it to build long-term relationships with founders and enter at an attraction valuation before sectors like AI became a consensus investment. 

“Having built and scaled internet businesses ourselves allows us to be useful to founders in ways that go beyond the cheque,” Bikhchandani said. 

Info Edge also enjoys a unique advantage as an operator-backed investor. The company deploys capital generated from Naukri’s cash flows through its own balance sheet, which constitutes the largest source of capital across its AIFs. 

On the financial front, Info Edge’s FY26 net profit jumped 35% to ₹1,762.8 Cr from ₹1,309.9 Cr in the previous fiscal. Meanwhile, revenue increased 15% YoY to ₹3,284.7 Cr.

Given the strong financials, Info Edge’s investment team is not under constant pressure to raise external funds, allowing it to focus on sourcing promising startups, making investments, and managing its portfolio.

On identifying potential investment opportunities, Info Edge aims to back early-stage Indian startups that aim to be category creators and disruptors. For deeptech, the company further evaluates opportunities even before generalist investors typically evaluate such ventures. 

Furthermore, Bikhchandani laid out several tenets of Info Edge’s investment philosophy: