Naukri.com-parent Info Edge, whose long-term bets on Indian startups like Zomato and Policybazaar have delivered blockbuster returns, has been named the country’s most successful venture investor, cementing its position as a standout player in India’s startup ecosystem.
The firm, led by Sanjeev Bikhchandani—often called India’s Warren Buffett—invested a total of ₹3,959.16 crore across platforms over the last 15 years. The fair market value (FMV) of these investments now stands at several times that amount. The market currently values Info Edge’s stakes in Zomato and Policybazaar, acquired between 2011 and 2015, at around ₹53,000 crore.
Bikhchandani’s chance encounter with the internet at a Delhi trade fair 28 years ago not only sparked the creation of Naukri.com but also marked the start of his journey as a serial investor.
Info Edge’s investment in Zomato (12.40% in Eternal—the listed entity of the food delivery firm) and Policybazaar (19.63%) proved providential as the IPOs of both companies became major successes. These investments established Info Edge as the country’s most successful venture investor and one of the biggest beneficiaries of the startup listing boom.
In his annual letter to shareholders at the end of FY25, Bikhchandani noted that the firm, which began financial investing in 2007, achieved an estimated 36% gross IRR across all vintages.
Info Edge backed homegrown listed companies early on, including Zomato and Policybazaar. It invested ₹483.78 crore in Zomato and ₹591.40 crore in Policybazaar. Today, its stake in Eternal (Zomato) is worth about ₹38,350 crore, and its holding in Policybazaar is worth ₹15,133 crore. Together, Zomato and Policybazaar’s market capitalization exceeds ₹3.8 lakh crore.
Following these successes, Info Edge invested in startups such as men’s grooming brand Ustra, B2B e-commerce platform Shopkirana, edtech platform Adda247, omni-channel inter-city bus platform Zingbus, and travel tech platform ixigo, among others, backing a total of 111 companies to date.
Bikhchandani founded Info Edge, one of India’s oldest internet-based companies, in 1995. The firm operates across sectors including recruitment (Naukri), real estate (99acres), matrimony (Jeevansathi), and education (Shiksha).
Info Edge’s journey as a financial investor has unfolded in four distinct phases. Bikhchandani explained in his letter:
“The first phase was from 2007 to 2012. Zomato and Policybazaar have been breakout successes of this period from over half a dozen investee companies.”
“The second phase was from 2012 to 2015. We treaded cautiously in this period as the winners from Phase 1 were yet to emerge.”
“The third phase was from 2016 to 2019, once it had become clear that Zomato and Policybazaar would be winners. Companies that we invested in during this period include Adda247 and Shipsy, among others. These are all companies at varying stages of maturity, but we remain optimistic that some of these will emerge as multi-baggers for us.”
Many of these companies have since raised funding at higher valuations from reputed investors such as Westbridge Capital, Google, Peak XV Partners, and A91 Partners. These emerging winners have strong capitalization, allowing them to execute their plans and potentially list on public markets.
“The fourth phase of our early-stage investing journey began in 2019 when we decided to set up a venture capital fund, namely Info Edge Venture Fund (IEVF), in the form of a SEBI-registered AIF vehicle. We have since invested through three different funds (i.e., IEVF, Info Edge Capital and Capital 2B) across four schemes,” Bikhchandani added.
