Tuesday, August 14, 2012

Next Education to raise Rs 1.5 billion by year-end

Next Education India Pvt Ltd, a digital learning technology company, will raise Rs. 150 crore (Rs. 1.5 billion) from private equity players by December end. “We are in talks with them. We hope to conclude the deal by the year-end,” Beas Dev Ralhan, Chief Executive Officer, Next Education, has said.

Addressing a press conference here on Monday, he said the company had so far invested Rs. 2.5 billion, including Rs. 600 million on research and development of content. It raised the money from internal accruals and some debt from Kotak. It clocked revenue of Rs. 1 billion in the last financial year.

While the Indian education market (including higher education) is put at $40 billion, digital education market is pegged at $2-3 billion.

The company has tie-ups with 4,000 schools (in CBSE and ICSE streams) across the country and claims a student user base of 800,000. “Of this, 50,000 are paid customers, with 60 per cent of them coming back to us for content in renewals,” he said.

“The State board student population is 10-15 times bigger than the Central education streams. We are expecting a growth of 30 per cent in business from this arm,” said Ankur Agrawal, Executive Vice-President (Operations), Next Education.

Source: The Hindu Business Line, August 14, 2012

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