HCL Group invests Rs 166 crore in edtech firm Education Initiatives
HCL Group has invested Rs 166 crore to acquire a minority stake in education software company Educational Initiatives (Ei)
This is a part of the secondary stake sale, where HCL Group has acquired a portion of the stake held by Mumbai-based private equity firm Gaja Capital in Ei.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisit“We’re thrilled to invest in Ei…The organisation offers a distinctive blend of scalable technology, impactful social initiatives, and sustainable growth,” Shikhar Malhotra, director, HCL Group, said in a statement on Tuesday.
The Bengaluru-based company plans to expand to new markets like South Africa, Kenya, Ghana and Saudi Arabia. It currently operates in India, UAE, South Africa, and Singapore.
It is also looking to acquire edtech product companies focused on improving learning outcomes, and claims to have over a million paid users for its offerings.
Founded in 2001, Ei operates in a business-to-business (B2B) model, where it provides schools with a suite of assessment and adaptive learning products for teachers and students to help improve learning outcomes.
Commenting on the investment, Ei chief executive Pranav Kothari said, “I’m excited to welcome HCL Group as investors who share our vision of leveraging the best of pedagogy & technology
