SUMMARY
As per the stock exchange filing, Info Edge will invest close to INR 135.4 Cr through a mix of primary and secondary purchases of shares in Coding Ninjas
Post the investment, Info Edge will acquire 22,836 Compulsorily Convertible Preference Shares and 27,089 equity shares in Coding Ninjas thereby, increasing its stake to 51%
With this, Info Edge will be able to maximise business synergies between its job portal Naukri and CodingNinjas
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Sanjeev Bikhchandani-led internet giant Info Edge is investing nearly INR 135.4 Cr in Coding Ninjas to acquire a majority stake in the edtech startup.
As per the stock exchange filing, the investment will include a mix of primary and secondary purchase of shares.
Post the investment, Info Edge will have 22,836 Compulsorily Convertible Preference Shares (CCPS) and 27,089 equity shares in Coding Ninjas thereby, increasing its stake to 51% from 26% in the latter.
As part of the deal, Coding Ninjas will become a subsidiary of Info Edge.
The deal will help Info Edge in maximising business synergies between its job portal Naukri and CodingNinjas.
Founded in 2016 by Ankur Singla, Singla, Kannu Mittal and Dhawal Parate, Coding Ninjas offers online coding courses. Besides this, it also offers courses in artificial intelligence, machine learning and other allied new-age technologies.
Back in 2020, Coding Ninjas had raised $5.2 Mn Series A funding round Info Edge.
In the financial year 2021-22, Coding Ninjas had a turnover (gross income) of over INR 28.9 Cr whilst in the fiscal year 2021-20, it had gross revenue of INR 19.9 Cr. In the fiscal year 2020-19, it posted gross revenue of INR 12.2 Cr.
Founded in 1995 by Sanjeev Bikhchandani, Info Edge manages online job portal Naukri.com, matrimony portal Jeevansathi.com, real estate marketplace 99acres.com and education startup Shiksha.
In September, Info Edge invested INR 80 Cr in vernacular edtech startup Adda247. With this, Info Edge increased its stake to over 23% in the startup.
During the same month, Info Edge’s venture arm Startup Investments also led D2C brand Ustraa’s $2.1 Mn funding round. Prior to that, Info Edge acquired dating startup Aisle Network for INR 91 Cr thus, increasing its stake to 76% in the startup.
In August, the internet giant had infused INR 300 Cr in its wholly-owned subsidiary Startup Investments Holding Ltd (SIHL) to explore investment opportunities including contribution towards AIFs managed by Info Edge-owned Smartweb Internet Services.
In the financial year 2021-22, Info Edge clocked a profit of INR INR 8,922.5 Cr on the back of selling over 4.9 Cr shares in Zomato’s IPO listing. Meanwhile, its revenue posted a 38% year-on-year increase to INR 1,562.4 Cr during the corresponding period.
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