Noida-based Info Edge has invested Rs 135.4 crore in Delhi-based online learning platform Coding Ninjas. With this, the internet company has increased its stake from 26% to 51%, becoming the majority shareholding in the edtech platform.
“The shareholding of the Company in Coding Ninjas is currently about 26%, and the aggregate shareholding of the Company, post this investment, in Coding Ninjas would be 51% on a fully converted and diluted basis. Accordingly, Coding Ninjas would become a subsidiary of the Company,” Info Edge said in its regulatory filings.
Following the investment, Coding Ninjas’ approximate valuation stands at Rs 541 crore. For Info Edge, the investment would help them to explore and maximise business synergies between the two platforms, Naukri and Coding Ninjas.
Coding Ninjas (Sunrise Mentors Pvt. Ltd.) was founded in 2016 by Ankush Singla, Kannu Mittal, and Dhawal Parate. The online learning platform provides courses in programming and data science to beginners. It offers the basic foundation of coding in Java, Python, and C++ and helps students with competitive programming, interview preparation and data science.
Previously, Info Edge has backed startups such as Meritnation, Adda247, Univariety, Juno Journey, Ustraa, and others.
According to the company’s filing, Coding Ninjas clocked a turnover of Rs 28.9 crore in the Financial Year 2022, an increase of 45.2% from FY21 when it clocked Rs 19.9 crore in turnover.
Source @Indianstartupnews
