Careers360 raises funds from five angel investors
The funds will be used to push technology adoption to solve problems of students, says Maheshwer Peri
New Delhi: Five years into its existence, Careers360 , an education magazine co-founded by Maheshwer Peri , on Monday said it has raised capital from five angel investors for expanding its business of helping students take career decisions.
“We are not a media play but an education play. The fund that we have raised will help us create an education market place, connecting students with right career-oriented courses,” Peri said.
The investors include Ranjan Pai, venture capitalist Mahesh Murthy and education company Career Launcher founder Satya Narayanan R. The other two are financial investors whose names were not disclosed.
Peri said that this is the firm’s first round of fundraising, which will be used to push technology adoption to solve problems of students who come to him for career advice. The investors will also mentor the organization, Careers360 said in a separate statement without giving details of the amount raised.
“Over the last five years, we have worked hard to create India’s most trusted brand for the students,” Peri said in the statement. “Our objective is to be credible, complete and comprehensive and help students take informed career decisions.”
The firm intends to create a marketplace that will help students evaluate, compare, and purchase products and services on quality, suitability and price, Peri said. “We aim to make this platform the largest in India,” he said.
Peri established Careers360 magazine after leaving Outlook magazine as its publisher. Peri’s aim was to build a career-counselling organization, he had said last year in an interview.
“Students in India have come to respect the unbiased editorial of Careers360 and this has led to its dominance in the school selection space,” said Murthy. “I’m happy to help the company and brand grow even faster.”
Satya Narayanan said Careers360 with its reach and scale across multiple platforms is looking to seize the opportunity in education services marketplace. “We want to scale up and going forward, we would raise more funds. The opportunity in education is huge,” said Peri.
The education market in India will be worth Rs.5.9 trillion in 2014-15 as against Rs.3.33 trillion in the 2011-12 fiscal year, according to India Ratings and Research Pvt. Ltd, a part of the Fitch Group.