Naukri parent Info Edge buys minority stake in education startup Univariety

Info Edge (India) Ltd, the parent of jobs portal Naukri.com, has invested Rs 12.5 crore ($1.9 million) in Hyderabad-based International Educational Gateway Pvt. Ltd, an education services startup that operates under the Univariety brand.

Info Edge bought 8,855 Series A compulsorily convertible preference shares in Univariety, translating into a 29.62% stake, the company said in a stock exchange disclosure.

The acquisition will help the company diversify its presence into a new line of business within the internet services industry, Info Edge said.

Incorporated in 2015, Univariety offers education counselling to students and related services to schools and colleges. It offers its services offline as well as through its own website and third-party portals. It posted revenue of Rs 4.4 crore for the year through March 2017.

Info Edge operates a slew of internet properties, including real estate portal 99acres.com, matrimonial website Jeevansathi and education services portal Shiksha. Besides, it holds stakes in several technology firms such as food-tech firm Zomato, coupons site Mydala, online insurance policy aggregator PolicyBazaar and e-learning firm Meritnation.

The company has been making follow-on investments in its other portfolio companies as well.

In November, Info Edge increased its stake in Delhi-based lifestyle products company Happily Unmarried Marketing Pvt. Ltd to 47.2%.

In September, it had increased its stake in Bengaluru-based online photography startup Canvera Digital Technologies Pvt. Ltd by investing Rs 8.6 crore.

In July, it had made a follow-on investment of Rs 8 crore in another portfolio firm, Green Leaves Consumer Services Pvt. Ltd, which runs beauty services marketplace BigStylist.

In the second quarter of 2017-18, Info Edge reported a 7% increase in operational revenue to Rs 225.2 crore. However, its net profit declined to Rs 78.6 crore from Rs 80 crore a year earlier.

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