Online classifieds platform Info Edge, which runs job portal Naukri.com, real estate site 99acres and Jeevansaathi, has invested $1.9 Mn (INR 12.5 Cr) in Univariety. With this, Info Edge has acquired a minority stake in the Hyderabad-based edtech startup.
As per its BSE filings, the Naukri.com parent has bought 8,855 Series A compulsorily convertible preference shares in Univariety, at $1.5 (INR 100) apiece. In exchange for its investment, Info Edge has acquired a 29.62% stake in the startup.
As per the official release, the funding will be utilised primarily for four things: inbound sales, mobile app, product tie-ups and marketing and brand building. With the newly-secured financing, Univariety is looking to create a marketing strategy that is heavily driven by content and research in order to generate inbound interest from schools. The startup will deploy deep analytics to engage with its customers and add value.
Additionally, the investments will enable the platform to hire a written and video-based content team. A portion of the funds will be used to develop the mobile app for iOS. The app, according to the company’s spokesperson, will integrate alumni features for respective schools.
Univariety is also looking to engage with school managements personally and digitally as well as participate in relevant conferences and industry events.
Commenting on the investment, Hitesh Oberoi, Co-Promoter, MD and CEO of Info Edge said, “Top colleges like IIT’s and IIM’s are known for their placements and alumni network. Univariety is bringing that same awareness and those systems at the K-12 School level. We believe that thousands of schools are interested in shaping student success and aligning to future trends. Univariety can play a strong role in helping position such schools uniquely.”