Ed-tech startup Univariety has raised its new Series A funding round, in which Info Edge — the parent company of Naukri.com, invested around ₹12.5 crore.
According to the company’s filings with the Bombay Stock Exchange (BSE), Info Edge has bought 8,855 Series A compulsorily convertible preference shares in Univariety, at ₹100 ($1.5) apiece. In exchange for its investment, Info Edge has acquired a 29.62 percent stake in the startup.
In a statement released to the press, Info Edge said:
As part of its strategic investments, the acquisition would help Info Edge to diversify its presence into a new line of business within the internet services industry.
Launched in 2011 by Jaideep Gupta and incorporated in 2015, Univariety is envisioned as an online marketplace with students at the centre of the college admission process. The platform offers educational counselling and related services to schools and colleges, both offline and online through its website and other third-party portals.
Info Edge is the parent company of a number of online portals, including 99acres, Naukri.com, matrimony classifieds Jeevansathi.com and online education platform Shiksha.com. It currently boasts a workforce of more than 4,000 employees in 62 offices across 43 cities in India.
According to a report by Google and KPMG, online education in India will see approximately 8x growth in the next five years. This will have a significant impact on the ed-tech market that has a potential to touch $1.96 Bn by 2021 from where it stands now i.e. $247 million.