Meritnation.com, the online education portal run by Applect Learning Systems, has secured an additional investment of Rs 10 crore from Info Edge India ( Group of Naukari.com).
With this round of funding Meritnation.com has received a total of Rs 71.5 crore from Info Edge for a 55.81% stake (on a fully diluted and converted basis). Info Edge had invested Rs 30 crore in the company in February this year.
Pavan Chauhan, co-founder & CEO, Meritnation.com said, “In line with our expansion plans to foray into international geographies and to add state boards we will use this capital for improving product and content.” He added that the firm would be looking at adding more resources at the medium and junior levels.
The company hopes to break-even in a few months.
Started in 2009 by IIM Bangalore alumni Pavan Chauhan and Ritesh Hemrajani, Meritnation.com provides multimedia tutorials, interactive exercises, assessment tools, exam help and expert support for students from classes 1 to 12 across India and the Middle East. Currently the website is servicing students studying in Indian boards across seven countries India, UAE, Saudi Arabia, Oman, Kuwait Qatar, Bahrain.
And attracts more than 7,000 new registered users daily. The website's current user-base stands at 5.6 million and it aims to cross 7 million users by the end of current academic year. The company is also looking at creating an offline presence. As a pilot, it had launched a model learning centre in Gurgaon a year ago, which got an encouraging response.
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