EduPristine raises $10 million in a second funding round
Private equity fund Kaizen Management Advisors and US-based education company DeVry Inc participated in the round
Mumbai: Mumbai-based Neev Knowledge Management Pvt. Ltd, which offers online and classroom-based certification courses under the brand EduPristine, has raised $10 million from private equity fund Kaizen Management Advisors and US-based education company DeVry Inc.
Accel Partners, which invested $1.5 million in the company, exited with this round of funding. The company had raised an undisclosed amount in angel funding from Mark Mobius and Rajesh Sehgal.
Founded in 2008 by Atul Kumar, Paramdeep Singh, Pawan Prabhat and Sarita Chand, the company is looking to use the funds to increase its course offerings, grow to 15 cities in India and improve technology.
“Having DeVry Inc. gives us access to a network of systems, process and resources that will help us grow well. We are also looking to acquire companies offering similar services to improve growth,” said Kumar over the phone.
The company offers certification in 15 types of courses across accounting, analytics, digital marketing and finance, using a network of centres and online classes.
“Going forward we will be adding more courses in the category of big data analytics and also introduce courses in the healthcare category,” added Kumar.
In 2015, 15,000 students enrolled for the courses that cost $600 on an average with a duration of anywhere between two months to one-and-a-half years.
Other major companies operating in the space include Simplilearn Solutions Pvt. Ltd, which offers over 200 certification courses and raised $10 million in second round of funding from Helion Venture Partners and Kalaari Capital in 2013. Wiziq.com raised $4 million in second (Series B) round funding from Kaizen Capital and Germany-based global media company, Bertelsmann SE and Co.
As part of the growth plans EduPristine is looking to grow to a network of 25-30 learning centres, offering courses to around 30,000 students and is targeting to clock $15-18 million in revenue in the current financial year.