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Meritnation reports Rs 21.59 Cr revenue, Rs 22.72 Cr EBITDA loss for 2014-15

meritnation

Meritnation has reported operating revenues of Rs 21.59 crore for the financial year ended March 31, 2015 (FY15), up marginally by 6.45% from Rs 20.28 crore operating revenues in the previous year. However, the operating EBITDA loss decreased by 20.4% to Rs 22.72 crore for the year, down from Rs 28.53 crore loss in the previous year.

Info Edge currently owns a majority 56% stake in Meritnation’s parent company Applect Learning Systems, having invested around Rs 96.8 crore into the company across six different rounds. This includes:

– Rs 25 crore in June 2015.
– Rs 10 crore in December 2013.
– Rs 30 crore in February 2013.
– Rs 20 crore in September 2011.
– Rs 5 crore in May 2010.
– Rs 6.5 crore in Jully 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), and Kerala state board among 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.

Offline digital learning centres: In February this year, Meritnation announced plans of launching six new offline digital learning centres, starting with Chandigarh and Lucknow. The model behind these centres was piloted by the company 2 years back by launching a centre in Gurgaon in 2012, and subsequently launching four more centres in Jaipur in 2014. The company was also looking to launch franchisee deals in cities in Punjab and Rajasthan.

At the time, Meritnation had told MediaNama that its centres will run a highly modified version of the online course, which is regimented differently. Students will first be tested to check their understanding, followed by topical study through animated videos & other content. They are also provided with interactive exercises to help develop interest in the subject and are given worksheets to practice at home. Every class ends with a test.

Previously, Meritnation had launched its online lecture program Meritnation LIVE targeted at CBSE students between standards 6-10, in November 2014. The program offers online live classes for Science & Maths from MeritNation’s chosen faculty. In April 2013, the company had launched complete study material from class 6 to 10 for Maharashtra board. Prior to this, it had also completely redesigned its website making it easier for users to navigate quickly and connect with friends.

Also Read:

Meritnation’s operating revenue doubles to Rs 20.3 Cr in FY14
#Outlook15: What Indian Online Education Companies Plan To Do In 2015

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