Saturday, October 1 2022

NEW DELHI: Publicly-listed pure play internet entity Info Edge on Wednesday announced an investment of approximately 80 crore in the vernacular test prep platform, Adda 247.

“The Board of Directors has approved entering into an agreement to invest approximately 80 crore in Metis Eduventures Pvt. Ltd (Adda247) as the main equity acquisition,” the company said in a filing to BSE.

Info Edge will acquire 14,088 Series B Preferred Shares – Mandatory Convertible with a par value of 5 each. The Company’s ownership in Adda247 after this investment will amount to 23.01% on a fully converted and diluted basis.

This is Info Edge’s fourth investment in Adda247 since 2019.

Parent Naukri had invested 7.06 crore for a 7.06% stake in the company in October 2019, followed by an additional investment of 21 crore in November 2019 as part of a Series B round, raising its stake to 17%. In November 2021, the company infused 41.2 crores in edtech startup.

According to the statement, Adda247 is an associated company of Info Edge and this is a related party transaction. The promoters have no interest in the investment.

Info Edge shares are trading at 4,075.10 each, up 0.25% on BSE in late-breaking trade on Wednesday.

Incorporated in 2010 by Anil Nagar and Saurabh Bansal, Adda247 is a test preparation platform for students in Tier II and III cities, with educational services and support for those preparing for exams on a web or mobile application.

The startup also offers an offline offer. Backed by other well-known investors such as Westbridge Capital and JM Financial, the platform offers online courses for government exams including banking, railways, defense and education; JEE/NEET entries; engineering exams and school programs for classes I-XII.

The platform claims to have over 15 million monthly active users and over 9 million YouTube subscribers on its website.

According to the Info Edge press release, Adda247 achieved a turnover of 64 crores in FY22 compared to 46.7 crore in FY21, a 27% year-over-year increase.

The investment in Adda247 is Info Edge’s second bet in an associated company this month. On September 2, the company, through its subsidiary Allcheckdeals, announced an investment of 90 crore in broker network operated by 4B Networks Pvt Ltd. After this transaction, Allcheckdeals holds 59.80% of the capital of the startup proptech

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