Careers360 sells nearly 10% to MeritTrac
Careers360 will utilize the money to grow further—in business verticals and geographies
New Delhi: Education service provider Careers360 on Monday sold around 10% stake to education assessment firm MeritTrac to raise an undisclosed amount.
“We are growing in a good pace and the fresh money will be utilized to grow further—in business verticals and geographies,” said Careers360 promoter Maheshwer Peri.
Peri declined to divulge details of the financial transactions. A company official who declined to be identified said that MeritTrac has purchased “around 10% stake” in the firm.
MertitTrac is promoted by private education player Manipal Global Education.
Peri said the two acquisitions by Career360 in December and the fresh round of investment should be seen in tandem—as an indicator of the company’s growing appetite.
Careers360 acquired Delhi-based education start-up Entrancecorner.com, which prepares candidates for entrance tests on 21 December. On 8 December, it acquired Mumbai-based online enrolment start-up NoPaperForms. Peri said with the fresh money in hand, they would not mind growing “both organically and inorganically”.
Established in 2009, Career360 raised capital from five angel investors for expanding its business in 2014. Its investors include Ranjan Pai, venture capitalist Mahesh Murthy and education firm Career Launcher founder Satya Narayanan R.
Peri said his firm is growing healthy and in 2015, it had 250 clients as against 140 in 2014. “Our profit is growing very well year-on-year. By 2018, we are hoping to have an yearly revenue of some Rs.100 crore,” he said.
S. Vaitheeswaran, CEO and managing director of Manipal Global Education, said in the “digital start-up space, there are few investment opportunities that can claim to be the largest, credible and profitable as well. Careers360 has the distinct achievement of being a B2C market leader with the fastest growth and still profitable”.
Editor's Picks »
- Markets yet to warm up to KEC International’s record order book
- Indraprastha Gas and Mahanagar Gas shares are low on fuel
- Overhang of capacity constraints lifts for ACC, Ambuja Cements
- Stock market traders fall for the ‘buy rural’ narrative, once again
- Continuing volume momentum puts Indian ports in a good position