Palred Technologies to invest Rs 30 crore in LatestOne.com to boost growth, expand operations
Post this investment, LatestOne.com will be valued at Rs 225 crore, cited the release. Representational Image. Image Source: Official Website
1. The company's board has approved investment of Rs 30 crore in its subsidiary Palred Online Technologies which owns and operates LatestOne.com
2. Post this investment, LatestOne.com will be valued at Rs 225 crore
With an aim to boost growth of LatestOne.com, Palred Technologies has announced on Tuesday to invest Rs 30 crore in the e-commerce firm's parent company Palred Online Technologies.
“The board in the meeting held on April 11, 2017, approved investment of Rs 30 crore in its subsidiary Palred Online Technologies Private Limited which owns and operates LatestOne.com,” Palred Technologies said in a press release.
Commenting on its latest investment, Palred Technologies chairman Palem Srikanth Reddy, said in a statement, “Most of the investment will be used for accelerating growth of LatestOne.com in India and a small portion would be used for exploring expansion to selective emerging economies.”
Post this investment, LatestOne.com will be valued at Rs 225 crore, cited the release.
After the completion of this round of investment, ownership of Palred Technologies in Palred Online Technologies (LatestOne.Com) will increase to 79.10 %.
LatestOne.com is a Hyderabad-based e-tailer which sells technology and mobile accessories and is owned by Palred Online Technologies.
Palred Online Technologies is a subsidiary of Palred Technologies which is a listed company on BSE and NSE since 2004.