Info Edge has reported a total investment of ₹4,900 Cr across 135 startups, with the portfolio valued at ₹41,300 Cr as of March 31, 2026. This represents a gross multiple of invested capital (MOIC) of 8.4x and a gross Internal Rate of Return (IRR) of approximately 33%. The company provided this update in a letter to shareholders, detailing its strategic focus on Artificial Intelligence (AI), deeptech, and consumer technology sectors.

The company has invested ₹3,600 Cr through its balance sheet and group companies, while external Limited Partners (LPs) contributed ₹1,300 Cr to the Alternative Investment Funds (AIFs) managed by Info Edge. The combined gross IRR of the AIFs stands at approximately 22%. The investment strategy emphasizes identifying exceptional founders early and investing before consensus forms, with a preference for companies domiciled in India and with Indian founders.

AI and Deeptech Performance

In the AI and deeptech sectors, Info Edge has deployed ₹1,003 Cr across 54 companies since 2020. The AI portfolio, comprising 28 companies with an investment of ₹614 Cr, is currently valued at ₹1,268 Cr, reflecting a 2.1x multiple and a gross IRR of ~31%. The deeptech portfolio includes 30 companies with an investment of ₹455 Cr, valued at ₹559 Cr, implying a 1.2x multiple and a gross IRR of ~15%.

Several portfolio companies have secured government backing under flagship programmes such as the IndiaAI Mission and the Research, Development, and Innovation (RDI) scheme. Notably, Gnani.ai received ₹177 Cr in government GPU compute credits, while ePlane and Manastu Space secured RDI allocations of ₹285 Cr and ₹115 Cr, respectively.

Consumer Technology Dominance

Consumer technology remains the largest segment of the portfolio, with ₹2,755 Cr invested across 45 startups. This segment is valued at ₹37,214 Cr, a 13.5x multiple with a gross IRR of ~34%. The portfolio includes listed entities such as Eternal (Zomato and Blinkit) and PB Fintech, which are significant drivers of value. A growing number of companies in this segment are AI-native or AI-enabled, aligning with the company's view that AI will reshape consumer discovery and transactions.

Portfolio Overview

The company noted that these figures are based on fair market values derived from independent valuation exercises as of March 31, 2026. Info Edge continues to view AI, deeptech, and consumer technology as the primary themes for future value creation, anticipating that India will produce globally relevant technology companies in the coming decade.

UBS has upgraded Info Edge (India) Limited to a Buy rating, setting a target price of ₹1,280. The upgrade comes on the back of a notable 25% year-to-date (YTD) correction in the company's stock price, which the brokerage views as having created a more attractive entry point for investors.

Stabilising Internet Sector Metrics Drive Upgrade

A key factor underpinning UBS's revised stance is the observed stabilisation in key internet-sector performance indicators. According to the brokerage, metrics including GMV (Gross Merchandise Value), NOV (Net Order Value), and billings growth have shown signs of steadying following a slowdown experienced during H2FY26. This stabilisation is seen as a positive signal for the broader digital ecosystem in which Info Edge operates.

Quick-Commerce Competition Shows Signs of Moderation

UBS also highlighted that competitive intensity from the quick-commerce segment appears to be moderating. This development is considered a constructive development for Info Edge's business environment, particularly given the competitive pressures that have weighed on sentiment across internet-linked companies in recent periods.

Key Highlights of the UBS Upgrade

The following table summarises the key parameters of the UBS rating action:

Risks Acknowledged

Despite the upgrade, UBS acknowledged that several headwinds remain. The brokerage cited macro-economic uncertainty, competitive pressures, and AI-related concerns as ongoing risks that could influence the company's performance and investor sentiment going forward. These factors were noted as key considerations even as the overall assessment turned more constructive.

The upgrade reflects UBS's view that the recent stock correction, combined with improving sector-level data points and easing competitive dynamics, presents a more balanced risk-reward profile for Info Edge at current levels.