Edtech Startup iNurture Raises $15 Mn To Expand NEP Programmes

Bengaluru-based edtech startup iNurture has raised $15 Mn from ADM Capital in a mix of debt and equity. As a part of the deal, iNurture’s existing investor VenturEast will exit the company and its shares will be held by ADM Capital.

The fresh capital will be deployed to grow iNurture’s National Education Policy 2020 (NEP) programmes, develop tech stack and strengthen its global education network.

Founded in 2007 by Ashwin Ajila, iNurture is an online learning platform for students. It provides graduation and post-graduation programmes in various disciplines such as management, computer science, finance, IT, media, and machine learning, among others. It partners with Indian and international universities to offer educational programmes to the students.

It claims to have partnered with over 30 university campuses across India and offers over 50 programmes on campus. It has registered over 15K students in its programmes. 

iNurture clocked a turnover of $29 Mn in financial year 2021-22 (FY22) and is currently aiming to expand its profit margins on account of significant operating leverage, it said in a statement. 

In April this year, it reportedly raised INR 75 Cr in debt. Prior to this, it reportedly raised INR 71.5 Cr (nearly $10 Mn) in its bridge financing round from Dubai-based family office Kimera Ltd.

To help graduates become employable, it acquired skill-based edtech platform KRACKiN for an undisclosed amount in 2018.

Burgeoning Edtech Market Of India 

According to an Inc42 report, the Indian edtech startups collectively raised $2.2 Bn funding between 2014 to 2020. The country’s edtech sector is estimated to reach $10.4 Bn by 2025. 

The sector has seen several big deals taking place recently. In April this year, edtech platform Veranda Learning signed a definitive agreement to acquire test-preparation institute T.I.M.E. for INR 287 Cr. The acquisition would enable Veranda to expand its footprint across India. 

In February 2022, edtech unicorn LEAD announced an ESOP monetisation scheme worth $3 Mn for its employees. Prior to this, it raised $100 Mn in a Series E funding round led by marquee investors such as WestBridge Capital and GSV Ventures. 

During the same time frame, Hero Vired, the edtech firm of the Hero Group, announced an ESOP monetisation scheme for its faculty, while vernacular edtech startup Entri.app secured $7 Mn in Series A funding round led by Omidyar Network India, with participation from Boston-based Innospark Ventures and Integrated Capital.

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