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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 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 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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From Ayurveda Experience To Hunch — Indian Startups Raised $150 Mn This Week
Inc42
·
1y ago
Medial
Indian startups experienced a decline in funding activity during the first week of March, raising just over $150.1 million across 17 deals. This marked a 254% decline compared to the previous week. Among the largest funding rounds, Ayurveda Experience and IDfy both secured $27 million, while ecommerce remained the most funded sector. Additionally, Flipkart Internet received a cash infusion of approximately $111 million from its related entities based in Singapore. Other notable developments included BlackBuck's plans to launch an IPO, Meesho's potential secondary transaction, and HCL Group's acquisition of a stake in Educational Initiatives for $20 million.
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Byju’s $200 mn ‘cram-down’ round forces investors’ hand
The Arc Web
·
1y ago
Medial
Byju’s, a prominent edtech firm under Think & Learn, plans to raise $200 million via a rights issue by significantly reducing its valuation to $20 million, a considerable drop. Existing investors are targeted for this round. Despite the reduced valuation, the company aims to reach a post-round valuation of $220 million, marking a substantial 99% dilution. This strategy underscores the company's efforts to secure necessary funds amid changing market dynamics.
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Neo Asset Management invests $20 mn in diaper maker Nobel Hygiene
VCCircle
·
2m ago
Medial
Neo Asset Management has invested $20 million in Nobel Hygiene, a disposable hygiene products maker, through primary and secondary transactions. This move aligns with Nobel Hygiene’s plans to expand its presence in the adult diaper market, enhance its distribution network, and support its growth trajectory towards an IPO. Nobel Hygiene, known for brands like Teddyy, Snuggy, and Friends, aims to capitalize on the $1 billion adult diaper market, targeting significant growth in the coming years.
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HCL Tech to acquire French software firm at €24 mn valuation
VCCircle
·
12m ago
Medial
Indian IT company HCL Technologies is set to acquire French software firm Zeenea SAS for €24 million. HCL Technologies aims to expand its data and analytics business offerings through this acquisition, which will be completed by September 2024. Zeenea SAS provides an intelligent data discovery platform that supports metadata management applications. The acquisition will enable HCL to offer a unified data intelligence solution to help enterprises better leverage and manage their data. This is the latest in a series of acquisitions for HCL Technologies, following its purchase of German automotive engineering services firm ASAP Group in 2023.
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Leverage Edu bags $40 Mn in a mix of equity and debt round
Entrackr
·
2y ago
Medial
Study abroad edtech platform Leverage Edu has raised $40 million in a Series C funding round led by Educational Testing Service (ETS), an educational testing and assessment organization. With this, the Noida-based Leverage Edu marks its first fundraise in 2023.
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Edtech firm Techmaghi bags Rs 20 lakh startup seed fund
Economic Times
·
1y ago
Medial
Edtech firm Techmaghi has secured a funding of Rs 20 lakh from startup-supporting LJ Knowledge Foundation. The partnership aims to bridge the gap between industries and educational institutions by offering up-skilling courses to meet the demands of the modern workforce. Techmaghi has trained over 75,000 students and generated a revenue of more than Rs 2 crore since its launch in 2021. The funding will enable the company to expand its educational offerings and make a significant impact on education and skill development.
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