Online learning startup Schoolguru has raised about Rs 13 crores from Staffing services firm TeamLease Services.
Both the companies have signed a strategic deal followed by TeamLease’s 40 per cent stake in the ed-tech company. It involves the purchase of both primary as well as secondary shares of the company.
The Mumbai-based Schoolguru will use the latest funds to expand its business into new geographies, strengthen existing technology and content library, and innovate in new forms of delivery, according to the regulatory filing, reported Financial Express.
“This partnership with TeamLease helps us in two ways; one is pursuing our vision of technology-enabled employable education and second is creating new forms of blended learning that combine our platform with on-the job-learning,” Schoolguru CEO Shantanu Rooj said.
Run by Schoolguru Eduserve Pvt. Ltd, the platform was incorporated in 2012 by Shantanu Rooj, Ravi Rangan and Anil Bhat to help universities offer e-learning services to students. It partners 18 Indian universities to help them provide premium online and virtual courses for their students.
Schoolguru has a library of 45 undergraduate courses and 30 masters courses with a total of over 5,00,000 minutes of video content.
Launched with a Rs 2 crore investment by the founders, the company had raised Series A funding of Rs 20 crore in October 2015 from high net worth individuals (HNIs) in India and the US.
Established in 2002, TeamLease is one of India’s leading human resource service companies in the organized segment. A Fortune 500 company listed on both NSE & BSE markets has a presence in 21 locations, with 1900+ corporate clients and 1400 employees.
In 2012, the staffing companies raised Rs 100 crore in private equity funding to fuel the vocational education expansion of the company.
Recently, Delhi-based Leverage Edu raised an undisclosed amount of financing from a clutch of investors including Indifi Technologies co-founder Alok Mittal, and others
Last week, online learning platform Meritnation raised Rs 38 crore from Info Edge, an online classifieds portal, which runs internet properties such as Naukri, Shiksha, 99acres and Jeevansathi among others.
Prior to that Mumbai-based Toppr secured Rs 45 crore in its second round of Series-B funding, led by its existing investors SAIF Partners, Helion Ventures and FIL Capital Management.