Info Edge Ups Stake in Online Assessment & Education Co Meritnation
Internet company Info Edge has invested Rs 10 cr ($1.61 mn) in Applect Learning Systems, the company which runs Meritnation, an online education and assessment services.
Info Edge, which owns job portal Naukri and a few other sites, now owns 55.81% stake in Meritnation. The company has invested over Rs 71.5 cr ($11.53 mn) in Meritnation so far, the company informed the stock exchange.
At the end of March 2013, Meritnation was running at a Rs 21.4 cr operating loss on an operating revenue of Rs 9.8 cr.
Info Edge has invested in restaurant listing service Zomato, daily deal site Mydala and other companies such as Canvera. Meritnation raised Rs 30 cr ($4.5 mn) from Info Edge in 2011. Earlier this year in February, Info Edge invested about Rs 31.5 cr ($4.8 mn) in the company.