Meritnation, an Info Edge backed e-learning company, has crossed 1 crore users. The platform claims to be adding 8000 new K-12 (kindergarten to 12th class) students everyday of which over 60% join from the mobile phone. Additionally, it mentions that as of now, 30% of its users come from Tier 2 cities and below.
Meritnation currently offers students live classes, animated videos, tests, homework help, interactive exercises etc., over its website and apps on iOS and Android. In February, the company launched six new offline digital learning centres and was looking to launch more centres on a franchisee model to expand its business.
Meritnation funding: In June, the elearning platform raised funding worth Rs 25 crore from Info Edge. The company said then it would use the funds for hiring teachers, expanding its broadcast studios and focusing on Meritnation LIVE. Other than this, Info Edge has invested around Rs 71.5 crore in Applect Learning Systems, which runs Meritnation, across five different rounds – a Rs 6.5 crore round in July 2008, Rs 5 crore round in May 2010, Rs 20 crore round in September 2011 and a Rs 30 crore round in February 2013 and a Rs 10 crore round in December 2013. Info Edge currently owns a majority 56% stake in Applect Learning Systems.
Last November, Meritnation had launched its online lecture program Meritnation LIVE targeted at CBSE students between the classes of 6-10 in India. The program would offer online live classes for Science & Maths from MeritNation chosen faculty. In April 2013, the company had launched complete study material from class 6 to 10 for Maharashtra board.
Financials: Meritnation 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.
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.