Edtech company iNurture, which provides higher education programmes in India, raising Rs 75 crore in debt.
The Bengaluru-based company passed a resolution in their shareholder meetings to offer 1,500 non convertible debentures (NCD) at issue price of Rs 5,00,000 each to raise Rs 75 crore.
The 13-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.
Earlier in March last year, iNurture had raised $10 million in a bridge financing round from Kimera Ltd, a Dubai-based family office. Entrackr had exclusively reported the development.
For the fiscal year ending March 2021, iNurture recorded a surge of 22.4% in its operating revenue to Rs 97.5 crore. The company also suffered 74% reduction in its profits which stood at Rs 13 lakh in FY21 as compared to nearly Rs 50 lakh in FY20.