Frameboxx Animation has tied up with Indian Institute of Financial Management (IIFM) and the combined entity has received private equity funding of Rs 28 Cr from private equity firm India Alternatives Investment Advisors Private Limited.

India Alternatives aims to have minority stake in the combined entity.

Frameboxx Animation is an animation and visual effects training institute whereas IIFM offers MBA programs and vocational training in financial services.

Transaction Reference: ET

The merger will provide training and higher education in diverse fields including MBA, financial services as well as media and animation.

It will have over 50 centres offering animation training and more than 20 offering vocational programmes in finance (wealth management, financial planning and insurance management) and a pan-India presence of MBA centres.

India Alternatives, sponsored by the promoter of Centrum Group Chandir Gidwani is interested in investing in Education sector. It plans to invest in the higher education niches which focus on training for high employability. This is the first investment of the fund.

It has also roped in Anjani Jain, Vice Dean of The Wharton School, to provide strategic guidance to portfolio companies in the education sector.

This year the biggest deals in this space includes Radcliffe Foundation, plans to raise Rs 300 Cr for K-12 segment expansion in two tranches, DRS Group that raises Rs 150 Cr for setting up of K-12 schools in tier-I cities. Other ventures that received funding includes iDiscoveri Education, Orion Edutech-BPO Training provider, People Combine Avenues Ltd-that runs Oakridge International School.

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