Info Edge India Ltd,. the company behind Naukri.com, has acquired a 7.06% stake in Adda247. Adda247.com, established in 2010, has been supporting students with the test preparations for SSC, Bank PO, CGL exams etc. Adda247 is one of the largest and fastest growing ed-tech companies and offers its services through multiple platforms such mobile app, Youtube channel, bankersadda.com, sscadda.com, ctetadda.com and Career Power. The company enables prepare for jobs in both Government Sectors as well as Public Sectors.
This investment is being done as a part of Info Edge’s strategic investments, and the acquisition would help the Company to diversify its presence into new line of business within the Internet Services/Tech Industry.
The investment valued at Rs. 7.06 cr, would see Info Edge India Ltd., picking up 7.06 % stake in Metis Eduventures Private Limited (“Addaz47”), on fully converted diluted basis. The investment is through secondary purchase of shares from the company’s existing shareholders Metis Eduventures, has reported an annual turnover of Rs 46.7 cr, in year ending March 2019.
Infoedge, has been investing in start-ups, and tech ventures with one of their most recent investment being in GreyTip HR. Infoedge has earlier invested in Zomato, PolicyBazaar, Meritnation, Printo, Happily Unmarried, NoPaperForms, Shopkirana, Univariety, among others.
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