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Private Equity | 21 July 2014

ASK Pravi PE Acquires Educomp's Stake In Gateforum

by Ahemad Shaikh
ASK Pravi PE Acquires Educomp's Stake In Gateforum
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ASK Pravi Private Equity Opportunities Fund has acquired Educomp Solutions' 55.4% stake in engineering exam training company Gateforum Educational Services Private Limited for an undisclosed amount.

In February 2011, Educomp which is undergoing a debt restructuring had picked up a majority stake in the test preparation company through Educomp Online Supplemental Service Limited.

With a presence in more than 65 cities Gateforum through a mix of own and franchisee centres, offers classroom programmes, computer-based tutorials, distance-learning programmes, an all-India test series and online test series.
It had recently launched pre-loaded tablet for the aspirants of Graduate Aptitude Test in Engineering (GATE).

Last year Educomp had its 50% stake in IndiaCan to JV partner Pearson for an undisclosed amount. Also it exited its entire 50% shareholding in Eurokids International Limited to a group of financial investors led by GPE India.

This would be third investment for ASK Pravi which focuses on investments in lower mid-market companies. Its previous two investments were in Hyderabad-based hospital chain Omni Hospitals and Indian Clothing League, a kids wear company.

ASK Pravi Capital Advisors Private Limited, a JV between ASK Group and Pravi Capital, is the Investment Manager for ASK Pravi Private Equity Opportunities Fund.

The tutorial business is expected to grow to INR.756.29 Bn in 2014-15 from INR 401.87 Bn in 2010-11.

Recently in this space:

  • Mumbai based e-learing portal, Toppr had raised $2 Mn in seed round from early stage investors SAIF Partners and Helion Ventures.
  • Mumbai based Embibe, an online test preparation site owned by Indiavidual Learning Pvt Ltd had raised $4 Mn from Kalaari Capital Partners II and newly launched Lightbox Ventures.
  • Learnpedia Edutech Solutions had raised undisclosed amount of angel investment from Ixora Ventures and a consortium of angels.

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