Info Edge has invested Rs 135.4 crore ($17 million) to acquire a majority stake in the e-learning platform Coding Ninjas. The Noida-based venture capital has also increased its shareholding from 26% to 51% in the six year old startup.
The board at Info Edge has approved a resolution to acquire 27,089 equity and 22,839 CCPS via primary and secondary purchases at an aggregate consideration of Rs 135.4 crore or $17 million, regulatory filing the National Stock Exchange (NSE) shows.
The investment would help the company to explore and maximize business synergies between the two platforms – Naukri and Coding Ninjas, the company mentioned in the filing.
Coding Ninjas offers online computer language courses that are used to design applications, and software, among others. The platform offers the basic foundation of coding in Java, Python, and C++ and helps students with competitive programming, interview preparation and data science.
For the fiscal year FY22, Coding Ninjas’ operating revenue grew 55% to Rs 27.96 crore while the losses of the company grew 2X to Rs 17 crore. In the coding vertical, it competes with WhiteHat Jr, Toppr, Vedantu, Cuemath, Camp K12, and Uable.
Info Edge has backed several startups including Adda247, Ustraa, Broker Network and Tractor Junction in 2022 so far. In August, the company said that it infused Rs 300 crore in its subsidiary, Startup Investments Holding Ltd (SIHL). Entrackr had exclusively reported about Adda247, Ustraa and Broker Network’s funding.
Coding Ninjas is the second startup which has sold its majority stakeholding to a larger group in the past few months. Last week, India’s third largest IT services company HCL announced that it has acquired a majority stake in edtech platform GUVI.