Applect Learning Systems, which runs the e-learning site MeritNation has reported revenues of Rs 9.82 crore and EBITDA loss of Rs 21.43 crore for financial year ended March 31, 2013 (FY13). Revenues for the company grew 141.27 %, by around Rs 5.75 crore from Rs 4.07 crore in FY12. EBIDTA loss too increased 293.93%, by Rs 15.9 crore from Rs 5.44 crore loss it had reported in FY12. Info Edge (Naukri) now owns a majority 54% stake in MeritNation, having invested about Rs 61.5 crore on the company in four rounds of funding.
In February 2013, Info Edge had invested Rs 30 crore in Applect Learning Systems. Prior to that, Info Edge had 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.
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.
In April 2013, MeritNation launched complete study material from class 6 to 10 for Maharashtra board. Prior to it, the company had also completely redesigned its website making it easier for users to navigate quickly and connect with friends.