Applect Learning Systems, which runs the e-learning site MeritNation, has raised Rs 30 crore funding from Info Edge (India), according to a filing on the Bombay Stock Exchange. It’s currently not clear how the company plans to use the funds raised.
With this investment, Info Edge has invested around Rs 61.5 crore in Applect Learning Systems and owns around a majority 54% stake in the company. Info Edge had previously invested Rs 31.5 crore in MeritNation across three different rounds, including a Rs 20 crore round in September 2011, Rs 5 crore round in May 2010 and Rs 6.5 crore round in July 2008. That being said, its worth noting that Info Edge already classifies Applect as a subsidiary company, and MeritNation’s website has a banner stating that it is a “Naukri.com group venture”.
MeritNation is an e-learning site which targets school students (Class 1-12) across various educational boards like CBSE and ICSE among others, in India. The company currently claims to have around 3 million users across 9 countries.
This is the second investment from Info Edge in the month, after the company had invested Rs 55 crore in the online restaurant and events guide Zomato last week. Following this investment, Info Edge had a controlling 57.9% stake in Zomato.
Other Investments in Education sector
Earlier in the day, Pearson acquired the remaining 20% equity in the online tutoring portal TutorVista. Following this, founders Krishnan Ganesh and Meera Ganesh had exited the company and Pearson had appointed Pearson Education Services COO Srikanth B Iyer as the new CEO of TutorVista.
Learnpedia, a Hyderabad based digital content startup, had secured an undisclosed sum of funding from Ixora Ventures and a consortium of angel investors. Learnpedia offers a range of study material for JEE (an entrance exam for admission in the Indian Institute of Technology, among others), known as JEE Studymate, in the form of DVDs, micro SD cards, for any android based tablets.
In January 2013, Educomp Solutions subsidiary Authorgen, had raised Rs 22 crore from private equity firm Kaizen and Bertelsmann, a German media company. Authorgen operates WizIQ.com, a web based platform for education services providers that enables them to create virtual Classroom and Convert document to flash. In the same month, EduRaft Pvt Ltd, which manages Eduraft.com had raised $61,000 (Rs 33 lakh) in angel funding from an alumni group from IIM-Kozhikode and Anna University, Chennai.
Indiagames founder Vishal Gondal and Walt Disney India chief Ronnie Screwvala had invested an undisclosed amount in Catalog Educational Services Pvt Ltd which runs MeraCareerGuide.com in December 2012. Gondal had also invested an undisclosed amount in Examify, which aims to bring exam question papers online and use algorithms and crowd sourcing data to generate intelligence around various examinations, enabling students to filter out important topics and questions. The company is currently in closed beta.