iDiscoveri Raises $10 Mn PE From India 2020 Fund
Gurgaon-based iDiscoveri Education has raised private equity funding of $10 million from Lighthouse Funds' - India 2020 Opportunity Fund in return for a minority stake.
The funds raised will be used for its expansion.
iDiscoveri helps schools develop curriculum through its programme called XSEED and is also involved in corporate training. XSEED involves services like student curriculum, assessment, teacher education and instructional leadership.
BMR Advisors acted as the sole transaction and financial advisors to iDiscoveri.
Transaction Reference: LiveMint
The XSEED initiative has expanded to more than 400 schools and 140,000 students across the country. Some of these schools include Padma Sheshadri Chennai, Bombay Scottish and Hyderabad Public School.
iDiscoveri also runs a network of learning centers, a leadership consultancy, owns an outdoor education company called Youreka and also runs some pre-schools.
It was founded by Ashish Rajpal, former worldwide marketing director of Group Danone and its leadership includes alumni of Harvard, IIM, IIT, XLRI.
India 2020 Opportunity Fund is a $125 Mn fund managed by Lighthouse Funds. It invests in financial services, education, logistics, light manufacturing and food processing companies.
Lighthouse Funds has invested Radiant Hospitality, Arihant and Imperial Spirits amongst others. Its recent investment is Rs.34 crore in Dhanuka Agritech Limited.
Private Equity players are looking at the education sector as an attractive area for investment. Recently, Ventureeast Funds invested for a minority stake in Orion Edutech Pvt Ltd.
Some other private equity deals in the education sector this year include - ICICI Venture investing Rs.20 Cr in People Combine Avenues Ltd, Centum Learning Ltd raised Rs.40 Cr from Mayfield India Fund, Tree House Education and Accessories Pvt Ltd raised Rs.40 cr from Foundation Capital and Matrix Partners India in its second round of funding, Milestone Religare Investment Advisors invested Rs.50-60 Cr in Resonance Eduventures Pvt Ltd and others.
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