Careers360 raises funds from MeritTrac
Delhi-based Pathfinder Publishing Pvt Ltd, which operates Careers360, a career information portal for students, has raised an undisclosed amount of investment from MeritTrac, a wholly owned subsidiary of Manipal Global Education Services (MaGE).
According to sources at the company, with fresh funds in its kitty Careers360 is currently valued at Rs 300 crore.
"This funding will ensure that we keep pace with growth and seize opportunities as they come. We wanted an investor who understands the education domain well and adds value in our journey to be the largest education services provider for students and universities," said Maheshwer Peri, founder, Careers360.
Peri claims the company's revenue has grown three times since 2012.
The firm will use the funds to grow its team as well as strengthen technology, infrastructure and brand over two years.
"In the digital startup space, there are a few investment opportunities that can claim to be large, credible and profitable as well. Careers360 has the distinction of being a B2C market leader with the fast growth and still profitable. We see this investment as a sweet spot in the assessment and learner services segment," said Vaitheeswaran, CEO and managing director, Manipal Global Education Services.
Careers360, which has raised fresh funds against equity, considers the investment as a strategic one by MeritTrac. According to Peri, founders still control the company.
Started in 2009, Careers360—with its core team comprising Peri, Naveen Goyal and Mahesh Sarma—has offices in Delhi and eight other cities. It recently acquired EntranceCorner.comto increase its B2C market size and NoPaperForms.com to strengthen its B2B services.
The group now operates Edufy.com; EntranceCorner.com and NoPaperForms.com and claims to attract about six million visitors a month.
In 2014, Careers360 had raised an undisclosed angel funding round.
Akasam Consulting acted as investment advisor for Careers360.