Info Edge has invested Rs 135.4 crore $17 million to acquire a majority stake in e learning platforms Coding Ninjas. The Noida based venture capital has also increased its shareholding from 26% to 51% in the six year old startups.
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Info Edge board passed a resolution to acquire 27,089 share and 22,839 CCPS through primary & secondary purchases for a total amount of Rs 135.4 crore or $17 million, the National Stock Exchange regulatory filing shows.
The investment would helps the company explore & maximize business synergies between the two platform: Naukri and Coding Ninjas, the company mentioned in the document.
Coding Ninjas offer online computer language courses that are used to design applications and software, among others. The platform offers the basic foundation of coding in Java, Python, and C++ and helps students with competitive programming, interview preparation, and data science.
For the fiscal year FY22, Coding Ninjas operating income grew by 55% to Rs 27.96 crore, while the company loss doubled to Rs 17 crore. In the coding vertical, it competes with WhiteHat Jr, Toppr, Vedantu, Cuemath, Camp K12, and Uable.
Info Edge has backed several startup including Adda247, Ustraa, Broker Network, and Tractor Junction in 2022 so far. In August, the company said it injected Rs 300 crore into its subsidiary, Startup Investment Holding Ltd SIHL.
Coding Ninjas is the second startups to have sold its majority stake to a larger group in recent months. Last week, India third largest IT services company, HCL, announced that it has acquired a majority stake in edtech platform GUVI.