Online learning platform Meritnation has raised Rs 38 crore from Info Edge, an online classifieds portal, which runs internet properties such as Naukri, Shiksha, 99acres and Jeevansathi among others.
With this investment, Info Edge has invested Rs 134 crore in Meritnation so far and holds a majority stake of 66% in the company. The aggregate shareholding of the company in the said entity would be on fully converted and diluted basis, according to filing to the BSE.
The startup will use a large part of the capital raised, about Rs 32.2 crore to repay debts and will utilise the remaining capital for daily operations, reported ET.
Run by Applect Learning Systems, Meritnation was founded by Pavan Chauhan and Ritesh Hemrajani in 2007. It caters to school students across state boards, ICSE and CBSE. It offers study material and mock tests for competitive exams like IIT JEE and NEET and free NCERT solutions, subject-wise synopsis and chapter-wise revision notes for classes 6-12.
Meritnation claims to have more than 1 crore active users on its online platform with over 14,000 animated videos, tests, homework help forums and interactive exercises.
The e-learning startup launched its ‘Live’ offering in October 2014. Meritnation Live offers online classes for students from Classes 6-12 and for entrance exams like JEE and AIPMT etc. The service also provides students with personalized recommendations and analytical data on their progress.
Earlier, Meritnation has raised around Rs 96.5 crores in six rounds from Info Edge. This includes Rs 25 crore in June 2015, Rs 30 crore in February 2013, Rs 10 crore in December 2013, Rs 20 crore in September 2011, Rs 5 crore in May 2010, and Rs 6.5 crore in July 2008.
Besides Meritnation, Noida-based Info Edge has also invested in a slew of start-ups, including food tech company Zomato, coupons site Mydala, online insurance policy aggregator PolicyBazaar, online photography firm Canvera, and on-demand beauty service provider BigStylist.
In September, Info Edge had pumped in Rs 8.6 crore in its step down subsidiary company Canvera Digital Technologies; and in July, it invested Rs 8 crore in on-demand beauty service provider BigStylist.