News Update
HCL Group Invests Rs 166 Crore in Education Software Firm
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ByStartupStory | March 5, 2024
HCL Group has invested Rs 166 crore to secure a minority stake in the education software company Educational Initiatives (Ei).
According to Shikhar Malhotra, Director at HCL Group, “We are thrilled to invest in Ei as the organization offers a distinctive blend of scalable technology, impactful social initiatives, and sustainable growth.”
Established in 2001, Ei operates as a business-to-business education software firm, providing research-supported assessments and personalized adaptive learning solutions to schools. Leveraging research and technology, the Bengaluru-based company has developed an array of assessment and adaptive learning products tailored for students and educators.
With over 1 million paid users, Ei operates in India, UAE, South Africa, and Singapore. The company aims to further expand its presence across South Africa, Kenya, Ghana, and Saudi Arabia, seeking business partnerships with like-minded companies in these markets. Additionally, Ei is looking to acquire edtech product firms dedicated to enhancing learning outcomes within their respective regions.
“I’m excited to welcome HCL Group as investors who share our vision of leveraging the best of pedagogy and technology to improve learning outcomes for millions of students in India and around the world,” stated Pranav Kothari, CEO of Ei.
As part of a secondary stake sale, HCL Group acquired a portion of private equity firm Gaja Capital’s stake in Ei. This investment comes after Gaja Capital led a $21 million funding round for the student accommodation platform Amber.
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