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NEW DELHI: Public-listed internet-only company Info Edge on Wednesday announced an investment of around €80 crore in native test prep platform, Adda 247.
“The Management Board has approved the conclusion of an investment agreement €80 crore at Metis Eduventures Pvt. Ltd (Adda247) as the primary acquisition of shares,” the company said in a filing with BSE.
Info Edge will acquire 14,088 Series B mandatory convertible preferred stock with a par value of €5 each. The Company’s interest in Adda247 following this investment will be 23.01% on a fully converted and diluted basis.
This is Info Edge’s fourth investment in Adda247 since 2019.
The Naukri parents 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, increasing its stake to 17%. In November 2021, the company infused €41.2 million in edtech startup.
According to the statement, Adda247 is an associate of Info Edge and this is a related party transaction. Project promoters are not interested in the investment.
Info Edge shares are trading at €4,075.10 apiece, up 0.25% from BSE in last-hour trading on Wednesday.
Founded in 2010 by Anil Nagar and Saurabh Bansal, Adda247 is an exam preparation platform for students from Tier II and III cities with educational services and support for those preparing for exams via web or mobile application.
The startup also has an offline offering. Backed by other marquee investors such as Westbridge Capital and JM Financial, the platform offers online courses for state exams including banking, railroad, defense and tuition; JEE/NEET inputs; Engineering exams and syllabuses of grades I-XII.
The platform claims to have over 15 million monthly active users and more than 9 million YouTube subscribers on its website.
According to Info Edge, Adda247 reported sales of €64 crore in the FY22 compared to €46.7 crore in FY21, up 27% year-on-year.
The investment in Adda247 is Info Edge’s second bet this month on an associate. On September 2nd, the company had announced an investment of through its subsidiary Allcheckdeals €90 crore in broker network operated by 4B Networks Pvt Ltd. After this transaction, Allcheckdeals holds 59.80% of the shares in the proptech startup
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