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Naukri parent Info Edge buys minority stake in education startup Univariety

By Keshav Sunkara

  • 19 Dec 2017
Naukri parent Info Edge buys minority stake in education startup Univariety

Info Edge (India) Ltd, the parent of jobs portal Naukri.com, has invested Rs 12.5 crore ($1.9 million) in Hyderabad-based International Educational Gateway Pvt. Ltd, an education services startup that operates under the Univariety brand.

Info Edge bought 8,855 Series A compulsorily convertible preference shares in Univariety, translating into a 29.62% stake, the company said in a stock exchange disclosure.

The acquisition will help the company diversify its presence into a new line of business within the internet services industry, Info Edge said.

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Incorporated in 2015, Univariety offers education counselling to students and related services to schools and colleges. It offers its services offline as well as through its own website and third-party portals. It posted revenue of Rs 4.4 crore for the year through March 2017.

Info Edge operates a slew of internet properties, including real estate portal 99acres.com, matrimonial website Jeevansathi and education services portal Shiksha. Besides, it holds stakes in several technology firms such as food-tech firm Zomato, coupons site Mydala, online insurance policy aggregator PolicyBazaar and e-learning firm Meritnation.

The company has been making follow-on investments in its other portfolio companies as well.

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In November, Info Edge increased its stake in Delhi-based lifestyle products company Happily Unmarried Marketing Pvt. Ltd to 47.2%.

In September, it had increased its stake in Bengaluru-based online photography startup Canvera Digital Technologies Pvt. Ltd by investing Rs 8.6 crore.

In July, it had made a follow-on investment of Rs 8 crore in another portfolio firm, Green Leaves Consumer Services Pvt. Ltd, which runs beauty services marketplace BigStylist.

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In the second quarter of 2017-18, Info Edge reported a 7% increase in operational revenue to Rs 225.2 crore. However, its net profit declined to Rs 78.6 crore from Rs 80 crore a year earlier.

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