Applect Learning Systems, which runs the e-learning site MeritNation, has raised Rs 10 crore investment from Info Edge (India), the publicly listed firm which runs online classifieds web sites including Naukri.com. The investment is likely to be used for brand building, updating content and expansion of the sales team. With this investment, Info Edge has invested around Rs 71.5 crore into Applect 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, Rs 30 crore round in February 2013 and a Rs 10 crore round now. It currently owns 55.81% stake in Applect, up from around 54% stake it owned in February 2013 after the Rs 30 crore investment round.
MeritNation caters to K-12 students across various state educational boards as well as pan-India boards such as CBSE and ICSE. It also helps students prepare for entrance exams such as JEE. The portal had reported operating revenues of Rs 9.82 crore for the financial year ended March 31, 2013, up 141% from Rs 4.07 crore in the previous fiscal.
Source: BSE, MedianaNama
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