As per media reports, PolicyBazaar founder Mr. Dahiya said “Info Edge will be investing $61 million of which part will be invested for primary purposes and part for secondary purposes.” The additional investment of USD 16mn in a secondary purchase of stake could be achieved by the acquisition of stakes currently held by PremjiInvest (as depicted in the infographic above).

Interesting to note here now that the investment strategy of InfoEdge is impressively, and steadily, climbing a maturity curve along with other graphs. Earlier, the company had focussed its investments on seed or early-stage funding; and later, it opted for scaling down their stakes as valuations expanded either through divestment or by not participating in the later stages of funding.  This has been quite evident in Zomato’s case where its holding was reduced to 30.9% (from 58% earlier). Even in EMPL’s case, it has come down to 9.8% compared to an earlier 49% stake.

Given InfoEdge’s growing cash balance as per their balance sheets, this investment deal showcases InfoEdge’s appetite to protect its stakes in late-stage funding and hunger for larger deals. The game of thrones does not always have to be a game of bones, after all.

Anyway, you never know if we may see another unicorn emerging out of its investment formula. That will change the Unicorn narrative of the industry to a large extent. And maybe, spare us from the not-so-occasional dragon-breath too.