Info Edge India Ltd, the BSE listed company which owns online consumer service web portals such as Naukri.com, Jeevansathi.com and 99acres.com, is putting in Rs 5 crore in New Delhi-based Applect Learning Systems Pvt Ltd, which runs Meritnation.com, a portal offering learning solution in the K-12 segment, according to a report in Medianama.
With this, the total investment of InfoEdge will go up to Rs 11.5 crore in Applect. This is the second round of funding by Info Edge, which had earlier invested Rs 6.5 crore for 40% stake in Applect in 2008.
InfoEdge did not disclose the quantum of stake it was picking up in the firm. However, according to the details given in its earnings call transcript, Applect has now become a subsidiary of the company.
Applect and EtechAces are the two strategic acquisitions of Info Edge. While Applect provides content development services to corporates with a focus on education in the K-12 segment, EtechAces offers insurance products. Info Edge has reportedly invested Rs 20 crore for 49% stake in eTechAces Marketing and Consulting Pvt Ltd, which is now an associate company of InfoEdge.
The company has recently posted the fourth quarter result. The net sales of the company in Q4 FY10 was Rs 71.73 crore as compared to Rs 64.15 crore in the corresponding quarter a year ago. The net profit of the company was Rs 13.24 crore against Rs13.82 crore.
Leave Your Comment