Home / Companies / Education company S. Chand raises $27 million

New Delhi: S. Chand and Co. Pvt. Ltd, a publisher of textbooks and provider of online educational content, on Wednesday said it has raised $27 million from International Finance Corp. (IFC), a member of the World Bank Group, and private equity company Everstone Group.

The investment will be used to scale up operations in education publishing and the digital education space, S. Chand said in a statement.

“IFC’s investment, in addition to global expertise in the education industry, will be used to extend S. Chand’s leadership position in the knowledge services business, support our pan-India expansion strategy and augment textbooks with multimedia and digital delivery content," Himanshu Gupta, joint managing director of S. Chand, said.

The traditional textbook publisher has in recent years shifted focus to online content creation.

“We believe digital content has the potential to empower teachers and significantly increase attention and understanding of abstract concepts for students," Gupta said.

Chris McCahan, chief investment officer of IFC, said, “S. Chand is one of the few companies with the scale to increase access to affordable quality education material, particularly in tier II and tier III cities."

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