Applect Learning Systems, which runs the e-learning site MeritNation has reported operating revenues of Rs 20.28 crore for the financial year ended March 31, 2014 (FY14), more than doubling from Rs 9.82 crore revenues in the previous year.
The operating EBITDA loss also increased by 33% to Rs 28.53 crore for the year, up from Rs 21.43 crore loss in the previous year. However, note that the increase in loss is significantly lower in FY14 as compared to FY13 when it had reported a massive 293.9% increase in losses year-on-year.
Info Edge currently owns a majority 55.81% stake in the Applect Learning Systems, having invested around Rs 71.5 crore into the company across five different rounds. This includes a Rs 10 crore investment in December last year, Rs 30 crore round in February 2013, Rs 20 crore round in September 2011, Rs 5 crore round in May 2010 and a Rs 6.5 crore round in July 2008.
MeritNation caters to school students (Class 1-12) across various educational boards like CBSE, ICSE, Maharashtra state board (MSBSHSE), Karnataka state board (KSEEB), Tamil Nadu state board (Samacheer Kalvi), Kerala state board and others.
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.
Last month, it had launched four new advanced study centres for Class 1-10 in Jaipur which offers learning spaces, mentors & a technology powered study program for students.
It had also launched a new product called Meritnation Junior for students of class 1-5, which claims to offer questions from more than 500 topics with over 1000 videos and downloadable worksheets. It also allowed parents to create tests, assign it to their children and monitor their performance.
Besides this, it has launched an Android app for IIT JEE aspirants called IIT-JEEnius which allows them to revise important formulae and equations on their phone. It has also launched an iOS math tables app which allows students to learn math tables from 2 to 21 on their iOS devices last month. The company claims to currently cater to around six million users across nine countries.