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HCL Group invests Rs 166 crore in edtech firm Education Initiatives
Economic Times
·
1y ago
Medial
Indian IT firm HCL Group has invested INR 166 crore (approximately $23 million) to acquire a minority stake in educational software company Educational Initiatives (Ei). The deal involves HCL purchasing a portion of the stake held by private equity firm Gaja Capital in Ei. This investment will enable Ei to expand its presence into new markets such as South Africa, Kenya, Ghana, and Saudi Arabia. Ei provides schools with assessment and adaptive learning products aimed at improving learning outcomes for students and teachers. The company also intends to acquire edtech product companies focused on enhancing educational outcomes.
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HCL invests $20 Mn in edtech firm Educational Initiatives via secondary
Entrackr
·
1y ago
Medial
Education software company Educational Initiatives (Ei) has raised Rs 166 crore (approximately $20 million) in a secondary round from the HCL Group. The IT company will also acquire a minority stake in the Bengaluru-based company from private equity firm Gaja Capital. According to an ET report, Ei plans to expand to new markets like South Africa, Kenya, Ghana and Saudi Arabia. It currently operates in India, South Africa, Singapore, and the UAE. The firm is also looking to acquire edtech product companies focused on improving learning outcomes. Founded in 2001, Ei is a B2B company that provides schools with a suite of assessment and adaptive learning products for teachers and students to help improve learning outcomes. Ei, which claims to have over a million paid users, has tied up with several schools, state governments in India, international organisations, non for profit organisations and CSR initiatives. Led by Pranav Kothari, Ei registered a more than 56% jump in its revenue from operations to Rs 97 crore in FY23 from Rs 62 crore in FY22. During the period, the company’s profit saw a minor increase from Rs 4.2 crore to Rs 5.5 crore. India’s third largest IT services company HCL also invested in edtech company Guvi in September 2022. Guvi raised $1.9 million from Vama Sundari Investments, which is a promoter of HCL. It’s worth highlighting that HCL Technologies rebranded itself as HCLTech in 2022.
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HCL invests $20 mn in PE-backed digital learning firm Ei
VCCircle
·
1y ago
Medial
Indian IT major HCL Group has invested $20 million in digital learning company Educational Initiatives (Ei). This marks HCL's entry into the education sector. Ei, backed by private equity firm Gaja Capital, provides research-backed assessments and personalised adaptive learning solutions to schools. It plans to expand further in South Africa and enter new regions such as Kenya, Ghana and Saudi Arabia. Ei is also looking to acquire edtech product companies to enhance learning outcomes in different regions. HCL Group operates in technology, healthcare and talent management sectors and generates annual revenues of over $13.1bn.
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HCL Group invests Rs 166 crore in edtech Educational Initiatives
IndianStartupNews
·
1y ago
Medial
HCL Group has invested Rs 166 crore (approx. $20 million) in educational software company, Educational Initiatives (Ei). The investment comes as a secondary sale, allowing HCL to acquire the minority stake previously held by Gaja Capital. The funding will support Ei's expansion plans, including entering new markets such as South Africa, Kenya, Ghana, and Saudi Arabia. Ei offers assessment and adaptive learning solutions to schools and claims to have over a million paid users. The investment will enable Ei to enhance its product offerings and further improve learning outcomes for students.
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HCL Picks Up Minority Stake In Educational Initiatives For $20 Mn
Inc42
·
1y ago
Medial
IT giant HCL Group has acquired a minority stake in education software company Educational Initiatives (Ei) for INR 166 Cr ($20 Mn). The investment will help Ei expand to new markets such as South Africa, Kenya, Ghana, and Saudi Arabia and explore acquisitions of edtech product companies. Ei is known for its K-12 assessments and adaptive learning offerings and operates in a business-to-business (B2B) model. This investment comes at a time when the Indian edtech market is expected to grow to a $29 Bn opportunity by 2030.
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Byju’s Aakash bags $168 Mn from Ranjan Pai to clear Davidson Kempner’s debt
Entrackr
·
1y ago
Medial
Manipal Education and Medical Group chairman Ranjan Pai has invested around Rs 1,400 crore ($168 million) in Byju's Aakash to help the edtech firm clear its debt raised from Davidson Kempner. The loan, which closed recently, comprises a principal amount of Rs 800 crore and Rs 600 crore in interest. Byju's had acquired Aakash for $1 billion in April 2021 and has been struggling to repay its $1.2 billion loan. The company plans to sell its kids' reading platform Epic and higher education platform Great Learning to repay the debt.
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Oyo estimates Rs 1,100 crore PAT for FY26: Founder Ritesh Agarwal
Economic Times
·
5m ago
Medial
OYO projects a Rs 1,100 crore profit after tax for FY26, boosted by strong growth and the Motel 6 acquisition. The company anticipates an EBITDA of Rs 2,000 crore, with Motel 6 contributing over Rs 630 crore in its first full year post-integration. OYO's PAT rose significantly to Rs 166 crore in Q3, and strategic initiatives have bolstered its market position. Moody's upgraded OYO’s rating to B2, reflecting stability and growth potential.
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Exclusive: Motilal Oswal invests in edtech-focused NBFC Auxilo
Entrackr
·
6m ago
Medial
Education-focused non-banking financial corporation (NBFC) Auxilo has raised Rs 50 crore in debt from Motilal Oswal. Auxilo allotted 5,000 Non-Convertible Debentures (NCDs) to Motilal Oswal Finvest Limited at a face value of Rs 1,00,000 each, aggregating to Rs 50 crore in Series I and Series II of 2,500 NCDs each. The Series I debentures have a tenure of 2 years with a rate of interest of 9.7% per annum while the Series II debentures carry 9.8% annual interest with a tenure of 3 years, according to the filing. Education-dedicated NBFC Auxilo Finserve provides education loans to students for higher studies in India and abroad and to educational institutes for infrastructure modernization. Its educational loans include all the expenses related to the course including classroom expenditures, pre-visa approvals, air-fares, et al. Auxilo has raised over $100 million across equity and debt since its inception and it competes with well-funded firms such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz. Auxilo recorded a 100% year-on-year growth in its revenue to Rs 356 crore in FY24 from Rs 178 crore in FY23. On the back of strong growth, its bottom line jumped 2.68X to Rs 69.2 crore in the previous fiscal (FY24). This is the fourth recent investment by the Motilal Oswal Group in Indian startups.
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Bajaj Group unveils ‘Bajaj Beyond’ initiative; commits ₹5,000 crore for social impact programmes
Thehindubusinessline
·
1y ago
Medial
The Bajaj Group has committed ₹5,000 crore to social impact initiatives over the next five years through their new identity, Bajaj Beyond. The focus will be on skill development to benefit over two crore youth in India. Over the past decade, the Bajaj Group has contributed nearly ₹4,000 crore towards CSR initiatives, primarily in the areas of education, health, livelihood, water conservation, and more. The group aims to empower India's youth and equip them with the tools needed for success. The initiative will expand skilling efforts across the group and bridge the gap between theoretical education and practical skills.
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BYJU'S settles dispute with Davidson over ₹1,400-cr debt
Money Control
·
1y ago
Medial
Ranjan Pai, chairman of Manipal Education and Medical Group, has purchased the debt investment of Davidson Kempner in a deal worth Rs 1,400 crore. This move brings relief to edtech company Byju's, as it resolves a longstanding dispute with the investment management firm. Pai also gains a board seat and the right to nominate two people on the board of Aakash, Byju's subsidiary. Additionally, he plans to buy out part of Aakash's promoter stake and Blackstone's remaining stake, taking his effective shareholding in Aakash to nearly 30%.
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Zerodha’s Rainmatter invests Rs 275 crore in 2024 with major focus on climate, health
Economic Times
·
7m ago
Medial
Zerodha's Rainmatter invested Rs 275 crore in 47 startups last year, focusing primarily on climate and health sectors. While traditionally leading in fintech investments, the firm supported 15 climate and 16 health startups in 2024, signifying a shift towards these emerging trends. Co-founder Nithin Kamath emphasized climate and health as future megatrends, aiming to support initiatives enhancing Indian health and planetary livability. Since 2016, Rainmatter has invested approximately Rs 700 crore in over 100 startups.
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