Info Edge (India) Ltd, which owns and operates portals such as job site Naukri.com, has invested Rs 7.06 crore (a little less than $1 million) in Adda247, a test preparation platform for government and public-sector exams.
Noida-based Info Edge said in a filing with stock exchanges that it has picked up a 7.06% stake in Adda247, run by Metis Eduventures Pvt. Ltd, through a secondary purchase of shares.
The stake acquisition will help Info Edge diversify into a new line of business within the larger internet services industry, the company said.
Adda247, which was set up in 2010 by Anil Nagar and Saurabh Bansal, claims to have over 40 million users. The platform offers products such as video courses, live classes and mock examinations. It also runs various websites including Bankers Adda, SSC Adda and CTET Adda.
In 2017, Adda247 owner Metis had raised bridge funding worth Rs 10 crore from Pune-based Sterlite Ventures, a firm backed by Sterlite Technologies Ltd. Metis also owns and operates physical centres under its Career Power brand.
In May this year, Adda247 acquired YouTube channel Success Ease for an undisclosed sum. Delhi-based Success Ease, through its YouTube channel, helps technical job aspirants prepare for competitive exams including Graduate Aptitude Test in Engineering (GATE) and Staff Selection Commission Junior Engineers (SSC JE).
Info Edge’s bets
The internet services company operates a slew of 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 restaurant search platform Zomato, ed-tech startup NoPaperForms, online insurance aggregator PolicyBazaar and e-learning firm Meritnation.
This is the third bet the company has made this month. Previously, it invested Rs 6 crore in Happily Unmarried Marketing Pvt. Ltd, a lifestyle brand which sells grooming products. It also led a Rs 34.5 crore Series C funding round in Greytip Software Pvt. Ltd, which provides cloud-based human resources and payroll management software.
In August, the company invested Rs 47 crore in ShopKirana E-Trading Pvt. Ltd, an e-commerce platform. The investment was part of a larger Rs 71.4 crore Series B fundraising round by ShopKirana. Previously, Info Edge invested around Rs 14 crore in ShopKirana in December last year.