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MeritNation To Raise Rs 20 Crore From Info Edge

Applect Learning Systems, which runs the e-learning site MeritNation, is about to raise Rs 20 crore from Info Edge, in a fresh round of funding. Info Edge informed the Bombay Stock Exchange, that the investment will be made through a mix of equity and convertible preference shares in the company. MeritNation is an e-learning site that targets students giving school exams in India. This brings the company's total investment in MeritNation to Rs 30.5 crore. Info Edge had picked up a 40% stake in MeritNation for Rs. 6.5 Crores, and had invested another Rs 5 crore in the company, last year. Info Edge classifies Applect as a subsidiary company, and MeritNation’s website has a banner stating that it is a “Naukri.com group venture”. This follows Info Edge's Rs 13.5 crore investment in online restaurant guide Zomato. The company's recent investments include Rs 10 crore in eTech Aces, Rs 15.7 crore in 99Labels and Rs 9 crore in MyDala.

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