Delhi-based online education company, Meritnation.com has secured fresh funding of $4 Mn (about INR 25 Cr) from Info Edge (India) Ltd. With the funds raised Meritnation plans to ramp up the technology for Meritnation Live and increase the number of employees in the organization with the new fundraise.
With over 90 lakh students on its online platform, Meritnation has raised close to $16 Mn (about INR 96.5 Cr) till now.
Speaking about the development Pavan Chauhan, Founder & CEO Meritnation.com 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. With Meritnation
Live we want to bring the most personalised learning experience to every student, delivered right to their homes.’
Meritnation Live, which was made available in 2014 for students of grades 6 to 12 offers online classes for JEE and AIPMT entrance exams. Through this platform Meritnation avails IIT professionals to teach the students along with tracking every student’s progress closely and displaying personalized recommendations. Complying with its delivery of personalised & engaging content Meritnation had rolled out Meritnation Junior prior to this. The company had also launched a franchise model at 6 offline centres in Chandigarh & Lucknow.
Founded in 2007, this eLearning platform targets K-12 students across various educational boards like CBSE, ICSE and State Boards such as Maharashtra, Karnataka, Kerala and Tamil Nadu. The platform which can be accessed on iOS and Android platforms, has study related apps like Tables App, IIT JEEnius Mobile Apps to make studies easy and interactive for students.
The Indian education market which is brimming up to grow to $40 Bn by 2017 has players like Toppr, Embibe and Plancess among others in this domain.
