Edtech company iNurture, which provides higher education programmes in India, has raised Rs 71.5 crore or close to $10 million in what appears to be bridge financing from Kimera Ltd, a Dubai-based family office.
iNurture has allotted 71,49,821 Series C CCDs of Rs 10 each to Kimera to raise the sum, regulatory filings show. According to Crunchbase, Kimera is a four-year-old family office which offers financial planning and investment advisory services.
The Bengaluru-based firm had raised around $4 million or Rs 30 crore from Kimera in June last year and a month later, it had raised Rs 10 crore in debt funding from its existing investor BlackSoil Capital. In the past, iNurture had also raised funds from Bertelsmann India Investments, Ascent Capital and GVFL Ltd.
The twelve-year-old firm launched by Ashwin Ajila provides industry-relevant graduation and post-graduation degree programmes in partnership with recognised universities in India. It leverages its associations with industries to facilitate guest lectures, internships, industrial visits, live projects and placement assistance.
As of July 2020, the company has partnerships with over 35 universities across India and offers over 50 programs on campus and has more than 10,000 students enrolled in these courses.
iNurture also has tied up with global universities which provide programs in digital business, sports, luxury and hospitality management including several courses in emerging technologies.
While iNurture claimed to have crossed revenue of Rs 150 crore in FY20, the company’s regulatory filings show that it registered an operating revenue of Rs 79.67 crore in the fiscal year ending March 2020. The good thing is that the company had optimised its efficiency and posted a profit of Rs 1.1 crore and its EBITDA margin has improved from -12.05 % in FY19 to 8.06% in FY20. It’s worth noting that its losses were close to Rs 11 crore in FY19.