Classified listings operator Info Edge is selling its stake in Applect Learning Systems, the India-based study material provider also known as Meritnation, Press Trust of India has reported.
The company is divesting the stock for Rs 500m ($7m) to medical exam preparation service Aakash Educational Services, according to a Bombay Stock Exchange filing cited by PTI. The deal is expected to close by the end of March 2020.
Meritnation offers study materials, exam preparation and practice tests in addition to tutoring and live classes, covering students aged roughly six to 18 years old. It looks to utilise teaching methods such as adaptive and conceptual learning as well as conceptual videos.
Info Edge invested roughly $6.3m in the company across rounds in 2008 and 2010 before increasing its share to a 54% stake by providing a further $5.5m in 2013. The corporate added $3.9m in 2015 before supplying another $5.8m two years later.
The filing did not disclose the size of the stake held by Info Edge prior to the agreement, nor the identity of any of its other shareholders.
