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Info Edge Commits An Additional Investment Of Rs. 30 Crores In e-learning Firm, Meritnation
Info Edge (India) Ltd. which owns sites like Naukri.com, had previously invested Rs. 31.5 crore in MeritNation, and it just recently announced its plan of investing a further 30 crore the company. MeritNation.com is a K-12 e-learning firm, that targets students giving school exams in India and is run by Applect Learning Systems. With this, Info Edge’s stake in Applect has risen to 54%, and it’s total investment is around 61.5 crores. Prior to this investment, Info Edge’s stake stood at 49%, a percent shy of majority. Info Edge classifies Applect as a subsidiary company, and MeritNation’s website has a banner stating that it is a ‘Naukri.com group venture‘.
Meritnation.com was launched in 2009 and has services in India, UAE, Saudi Arabia, Oman, Kuwait Qatar and Bahrain as of now. It provides multimedia tutorials, interactive exercises, assessment tools, exam help and expert support for students across India and Gulf. It also offers IIT-JEE and NEET courses, along with CPT, NDA, Hotel Management and BBA. The competitors that exists are both online and offline. Online competitors are freeware/shareware websites, the all pervasive YouTube while local coaching institutes seem to be the offline competitors. There is a niche that exists which demands k-12 related material in the convenience of their homes and that would be benefitted from the initiative.
Info Edge has been the benefactor of many such ventures, infusing capital and consolidating majority stakes in companies like the online nightlife and food guide, Zomato.com where it recently invested an additional 55 crores just before increasing their investment in Applect. Other investments include MyDala, 99Labels, PolicyBazaar.
Website | Meritnation
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2013-02-25 07:30:24
Source: http://www.watblog.com/2013/02/25/infoedge-bullish-on-investments-invests-in-meritnation/
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