Edtech Startup Meritnation Raises Funding from Info Edge
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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