wordpress blog stats
Connect with us

Hi, what are you looking for?

Info Edge increases its stake in MeritNation to 65.67%

Info Edge (India) through its wholly-owned subsidiary has infused Rs 37.93 crore in Applect Learning Systems, which runs the e-learning site MeritNation, the company informed BSE. With this investment, Info Edge has increased its stake to 65.67% in Applect from the earlier 56%. The overall stake of Info Edge will be on a “fully converted and diluted” basis.

The company said in its filing, that MeritNation will use the money for its operations and repayment of the existing debt to Info Edge. “Out of Rs 37.93 crore, about Rs 32.19 crore is proposed to be used for repayment of the debt by MeritNation to the company,” it added in the filing.

In an earnings call for Q417, Info Edge’s CEO and MD Hitesh Oberoi had said that in 2016-17, the company advanced a total of Rs 23 crores to Applect by way of a loan and the total gross amount was invested in external ventures, including the loan to Applect stood at Rs 845 crores.

Applect reported turnover of Rs 36.30 crore for FY17, representing a growth of 26.43% from a turnover of Rs 28.71 in FY16.

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. In November 2015, MeritNation said that it has crossed 1 crore users.

Advertisement. Scroll to continue reading.

Previous Investments

In June 2015, the e-learning 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 across five different rounds (excluding current round) – 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.

Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'


India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...


There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data


Existing consumer protection regulations are not sufficient to cover the extent of protection that a crypto-investor would require.


The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ