2024-12-11 22:51:07 :
Bengaluru-based K12 Techno Services has secured $40 million ( $Venture capital firm Kenro Capital provided Rs 340 crore, according to a statement from the education and technology services provider on Wednesday.
The transaction is valued at approx. $5,000 crore, a person familiar with the matter said on condition of anonymity. Existing investors Sofina and Peak XV Partners (formerly Sequoia Capital India) will sell part of their stake through the deal, the person added.
The company was then valued at $In November 2023, Kedaara Capital raised Rs 4,000 crore in its last funding round.
growth focus
K12 Techno aims to expand technology-led services to students and schools across the country.
The deal is Kenro Capital’s first investment since its launch last month. Founded by Piyush Gupta, former Managing Director of Peak XV Partners, Kenro Capital is focused on growth secondary markets in the Indian and Southeast Asian venture ecosystem.
The firm targets minority stakes in growth companies across a variety of industries that have achieved revenue scale, are profitable or close to being profitable, and have other key attributes that make them likely to go public within two to three years of investment.
Kenro Capital said in a statement last month that it would deploy $20-30 million per investment, with the flexibility to invest in larger amounts through co-investment opportunities.
K12 Techno Services provides solutions covering education, content and technology to more than 900 educational institutions across the country, serving more than 350,000 students, according to the company.
Gupta, founder and managing partner of Kenro Capital, said in a statement: “Driven by strong demographic trends, India’s education sector is poised for transformative growth, with 265 million children in school and 24 million births by 2023. “
He added that the demand for quality education continues to soar, especially among private schools based on CBSE curriculum which are leading the way.
“K12 Techno’s scale offers unparalleled advantages in multiple areas including student engagement, teacher recruitment, infrastructure, and cutting-edge IT and curriculum development, setting it apart from independent educational institutions,” Gupta said.
March, Mint According to reports, K12 Techno Services’ revenue will be from $383 crore in FY23 $A senior executive of the company said that revenue reached Rs 450 crore in FY24 due to increased demand for its services from schools.
Reports in March quoted CEO Jai Decosta as saying the company was also planning an initial public offering (IPO) within three to four years.
He once said that the company will adhere to its core strategy of cooperating with schools for 20-30 years. He said such long-term agreements help the broader edtech industry to grow sustainably even as it faces high cash burn and a lack of funding.
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