Naukri parent Info Edge writes fresh cheque to Adda247, strikes new bet
Photo Credit: Pixabay

Info Edge (India) Ltd, which owns and operates portals such as job site, said on Thursday it has pumped in additional capital in test-prep platform Adda247, and has also invested in a new company Terralytics Analysis Pvt. Ltd.

Noida-based Info Edge said in a filing with stock exchanges that it has agreed to invest another Rs 21 crore in Adda247. Info Edge’s stake in Adda247, after the fresh investment, will increase to around 17%, it added.

Last month, Info Edge said it had invested Rs 7.06 crore for 7.06% stake in Adda247, run by Metis Eduventures Pvt. Ltd, through a secondary purchase of shares.

Adda247 co-founder and CEO Anil Nagar said in a separate statement that the company raised a total of $6 million (about Rs 42 crore) in what was its Series B round in November. The company is also in talks to raise Series C capital, he said.

Adda247, which was set up in 2010 by 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 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.

Adda247 clocked a turnover of Rs 46.7 crore in the financial year ended 31 March 2019 as compared with Rs 40.5 crore.

In a separate filing, Info Edge said it has invested around Rs 5 crore in Terralytics Analysis for a 20% stake.

The investment will help the New Delhi-based company, which was incorporated last year, to boost its position in the real estate technology segment.

Terralytics is engaged in the business of developing real estate intelligence and analytics platform for sale to banks, developers, consulting firms, etc. for diligence, information and other purposes.

Info Edge operates a slew of properties, including real estate portal, 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.

Last month, it invested Rs 6 crore in Happily Unmarried Marketing Pvt. Ltd, and also led a Rs 34.5 crore Series C funding round in Greytip Software Pvt. Ltd.

In August, the company invested Rs 47 crore in ShopKirana E-Trading Pvt. Ltd, an e-commerce platform.

*This article has been updated to add a comment from Adda247 founder.

Leave Your Comment(s)