Meritnation, an education technology startup, has received a new round of funding worth around ₹38 crore ($5.8 million). The investment comes from Info Edge — parent company of job portal Naukri.com.
In a regulatory filing, Info Edge said that the new round of funding will increase its stake in the company to 65.67 percent. With the recent transaction, its total investment in the ed-tech startup now stands at ₹154.6 crore.
The Delhi-based startup will use ₹32.19 crore to repay its existing debt. The rest of the amount of this new funding round will be used to expand its operations.
Meritnation, which is operated by Applect Learning Systems, was founded in 2008 by IIM-Bangalore alumni Pavan Chauhan and Ritesh Hemrajani. The company develops and delivers study content and assessment modules for students in mathematics, science and English, primarily for CBSE and ICSE boards, besides other.
The company also offers online and offline test preparation modules for various undergraduate entrance examinations, including engineering and medical. During 2016-17, it reported 26.43 percent rise in turnover at ₹36.30 crore, up from ₹28.71 crore in the previous fiscal year.
The ed-tech startup claims to have more than 95 lakh active users on its online platform with over 14,000 animated videos, tests, homework help forums and interactive exercises for students.