Edtech startup: iNurture raises about Rs 75 Cr in debt
- ByStartupStory | April 22, 2022
iNurture, an ed-tech company that provides higher education programmes in India, raises Rs 75 crore in debt.
To offer 1,500 non-convertible debentures (NCD) at an issue price of Rs 5,00,000 each to raise Rs 75 crore, the Bengaluru-based company passed a resolution in their shareholder meetings.
13-year-old firm iNurture, launched by Ashwin Ajila with recognised universities in India, provides industry-relevant graduation and post-graduation degree programmes in partnership. To facilitate guest lectures, live projects, internships, industrial visits, and placement assistance, it leveraged its associations with industries.
iNurture had raised $10 million in a bridge financing round from a Dubai-based family office, Kimera Ltd, earlier in March last year.
iNurture recorded a surge of 22.4% in its operating revenue to Rs 97.5 crore, for the fiscal year ending March 2021. As compared to nearly Rs 50 lakh in FY20, the company also suffered a 74% reduction in its profits which stood at Rs 13 lakh in FY21.
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