Info Edge to invest Rs 37.10 cr in Sunrise Mentors
Info Edge (India) Ltd on Monday said it will invest about Rs 37.10 crore in Sunrise Mentors Pvt Ltd that operates e-learning platform Coding Ninjas.
"The company has agreed to acquire shares for an aggregate amount of about Rs 37.10 crore (for a cash consideration) via a mix of primary and secondary purchase of shares," Info Edge said in a regulatory filing.
The firm's aggregate shareholding, post this investment, in Sunrise would be 25 per cent on a fully converted and diluted basis, it added.
Set up in May 2016, Sunrise primarily sells short-term to mid-term courses in programming and data sciences created by the in-house team.
These courses are primarily availed by job seekers looking to upskill and reskill themselves.
Recently, Sunrise also launched a new programme called Coding Ninjas Career Camp, which instead of charging students upfront for the courses, charges them after successfully placing them.
Sunrise had a turnover of Rs 5.57 crore as on March 31, 2019.