Info Edge, through its wholly-owned subsidiary, has invested Rs 12.5 crore in an education service startup Univariety, which is run-and-owned by International Educational Gateway, the company informed BSE.
The deal is done on arm length basis, which means both the companies will run independently. With this investment, Info Edge holds 29.62% stake in the company on fully converted and diluted basis.
Started in 2011, Hyderabad-based Univariety provides products, services, and counseling to students, schools, colleges, and educators. The startup will use the investment money to diversify its presence into a new line of business within the internet services industry. The company reported turnover of Rs 4.4 crore for the year ending March 2017.
In education segment, Info Edge owns online education classified Shiksha.com. And, it recently infused Rs 37.93 crore in Applect Learning Systems, which runs the e-learning site MeritNation. While both the companies work only online, Univariety also offers offline services such as physical assistance through counselors, test professionals, interaction with colleges etc. Also, rather than aggregating online, it directly ties up with colleges and schools. According to this Business World report, the company has about 440 schools onboard with close to 110,000 students, and it is looking to expand its base to other parts of Asia.
In terms of guidance and counselling, Univariety shares space with the companies like Maheshwer Peri- owned Careers360, Mindler, CollegeDekho.com and others. In terms of test and competitive exam preprations, it competes with an array of large and medium online platforms like Byjus’s Learning, Vedantu, Jigsaw Academy, CollegeDekho, S Chand, Smartivity Labs, Unacademy, Schoolguru.