Education

Info Edge to invest about ₹10 crore in Univariety

Our Bureau Mumbai | Updated on November 23, 2021

Info Edge’s aggregate shareholding with this investment would be 47.12 per cent.

Info Edge has entered into an agreement to invest, through its wholly-owned subsidiary, about ₹10 crore in one or more tranches in Ed-tech platform International Educational Gateway Private Limited (Univariety), the company informed the exchanges on Tuesday.

Info Edge has agreed to acquire 9,471 Series A2 Compulsory Convertible Preference Shares, having a face value of ₹100 each.

After this investment, Info Edge's aggregate shareholding in the company would be 47.12 per cent on a fully converted & diluted basis, it said

"As part of company’s strategic investments, the investment would help the Company to consolidate its presence into the aforesaid line of business," Info Edge said.

The transaction is expected to be completed within six months.

Univariety, which was incorporated on May 19, 2015, is engaged in an educational business of providing products and services and counselling to students, schools, colleges and educators.

Previously, the ed-tech platform in December had raised $1.1 million from Info Edge.

Published on November 23, 2021

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