Edtech platform Meritnation, run by Appect Learning Systems has recently raised a sum of Rs 38 crore from the online classifieds portal – Info Edge.
With this latest funding round, Info Edge now holds a majority stake of 65.67% in the startup, in comparison to the earlier 56%; with a total of Rs 134 crore as an investment.
A large part of the funding(around Rs 32 crore) will be used to retire some of the debt on its books while the remaining will be used for the expansion and daily operations.
Meritnation is an online education platform that helps students develop and deliver online studying material in terms of assessments, lecture videos and related content from kindergarten to class 12 and test preparation modules for various UG entrance examinations.
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The content on the platform is as per the curriculum for various state boards, ICSE and CBSE.
Meritnation earlier secured a funding of Rs 25 crore in 2015 by Info Edge, and around Rs 71 crore in five different rounds between years 2008 to 2013.
Founded by Pavan Chauhan and Ritesh Hemrajani in 2007, Meritnation 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.