New Delhi-based online learning portal, Meritnation which was started in 2007 by IIM Bengaluru alumni Pawan Chauhan and Ritesh Hemrajani, has raised $4 million from Info Edge (India) Ltd. The latter already held close to 56% stake in Applect Learning Systems Pvt. Ltd., which owns and operate Meritnation.
Speaking about the development Pavan Chauhan said, “These funds will be used to ramp up the technology behind the smart learning engine which powers Meritnation Live. We will also make significant investments in hiring IITian teachers and expanding our world class broadcasting studios.
The firm has now raised close to Rs 96.5 crore across various funding rounds from Info Edge.
Meritnation provides study material for students of classes 1st to 12th in maths, science and english for CBSE, ICSE, Maharashtra (MSBSHSE), Karnataka (KSEEB) and Tamil Nadu boards. With over 90 lakh students, it owns a content library of a large number of Animated Videos and an unlimited Question Bank. Also, the company has offerings for entrance exams like JEE, AIPMT etc.
The firm had rolled out Meritnation Junior in April 2014, a product specifically focused on the online learning requirements of class 1 to 5 students. Also, it launched 4 offline study centres for Class 1-10 in Jaipur. Its competitors include iProf, Tutorvista, Plancess, KoolKampus among others.
As per Ken Research, the total Indian e-learning market is anticipated to reach $1.28 billion by fiscal 2018.