MeritTrac Acquires 10% Stake in Online Education Service Provider Careers360

Careers360, an education service providing platform, has raised an undisclosed amount of funding from MeritTrac. The transaction took place with the exchange of 10% of shares of the company.

The company acquired Entrance Corner in $1 million in cash and also Nopaperforms.com last month

The company acquired Entrance Corner in $1 million in cash and also Nopaperforms.com last month (Image Source)

The funding will be used to expand the company in business verticals and geographically. Also, the company is promoted by private educational institution ‘Manipal Global Education’.

Peri stated that Careers360 acquisition of two companies and now this investment, should be taken as an indicator of growth. The company acquired Entrance Corner in $1 million in cash and also Nopaperforms.com last month.

Careeer360 was founded in 2008 by Maheshwer Peri and Rajesh Jain, counts investors like Venture Capitalist Mahesh Murthy, Chairman & CEO of Manipal Group Ranjan Pai and Career Launcher founder Satya Narayan among its investors.

Peri stated that the company is looking at a revenue of Rs 100 crore by 2018. He further added that the company had 140 clients in 2014 versus 250 in 2015.

The education sector in the country is poised to increase and it will be the second largest graduate talent pipeline globally by the end of 2020. The current value of Indian Education sector is $100 billion. The total amount of investments through FDI in the education sector of the country is $ 1,171.10 million since April 2000 to June 2015, according to the data provided by the Department of Industrial Policy and Promotion (DIPP).

Careers360 faces competition from Info Edge-owned Shiksha.com, HT Media-owned HTCampus.com and a few individual players like Minglebox and Pagalguy.

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