[Funding alert] Info Edge to invest Rs 37.10 Cr in e-learning platform Sunrise Mentors
Info Edge, which owns companies like Naukri and Jeevansathi, will invest Rs 37.10 crore in Sunrise Mentors Pvt Ltd, which operates e-learning platform Coding Ninjas.
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Info Edge (India) Ltd on Monday said it would invest about Rs 37.10 crore in Sunrise Mentors Pvt Ltd, which operates e-learning platform Coding Ninjas.
"The company has agreed to acquire shares for an aggregate amount of about Rs 37.10 crore (for a cash consideration) via a mix of primary and secondary purchase of shares," Info Edge said in a regulatory filing.
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The firm's aggregate shareholding, post this investment, in Sunrise would be 25 percent on a fully converted and diluted basis, it added.
Set up in May 2016, Sunrise primarily sells short-term to mid-term courses in programming and data sciences created by its in-house team.
These courses are primarily availed by job seekers looking to upskill and reskill themselves.
Recently, Sunrise also launched a new programme called Coding Ninjas Career Camp, which instead of charging students upfront for the courses, charges them after successfully placing them.
Sunrise had a turnover of Rs 5.57 crore as on March 31, 2019.
Earlier in January , Info Edge, which owns companies like Naukri and Jeevansathi, announced in its stock exchange filings that it had set up an "alternative investment fund" named Info Edge Venture Fund (IEVF) to invest in tech and tech-enabled entities that provide technology to create, market, and distribute innovative products and services that benefit consumers at large.
The company in its filings said IEVF was registered with SEBI as a Category II Alternative Investment Fund, and that the company had entered into a "contribution agreement to invest about Rs 100 crore in IE Venture Fund I, a scheme of aforesaid IEVF", it added.
Over the years, Info Edge has actively invested in startups such as Zomato, Happily Unmarried, and others. It continues to actively scout for more startups to invest in as early-stage investors, “being most likely to cut the first or second cheque”.
(Edited by Teja Lele Desai)