Gurugram-based edtech platform Talentedge has acquired a significant stake in Hyderabad-based GreyCampus for an undisclosed amount.
GreyCampus, which was founded by Vijay Pasupulati, offers training for working professionals in the areas of project management, big data, data science, service management and quality management.
It offers training services through live-online, classroom and online self-learning courses modes. The startup claims to have trained over 100K working professionals and has presence across US, Middle East and Asia-Pacific region. The platform has over 500 training professionals.
Till date, the startup has raised $1 Mn (INR 7.05 Cr) in an angel funding round from Sarath Sura, cofounder of Sierra Atlantic in 2016.
The platform will be using this investment to develop their India network while its international presence will allow Talentedge to launch their operations in different countries.
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According to Talentedge, with this investment, it will exit this financial year with a revenue run rate of $21.2 Mn (INR 150 Cr). It also has plans to make such strategic investments to grow its portfolio. It has earmarked over $14.1 Mn (INR 100 Cr) for inorganic growth and is in talks with more players in this space to close more such transactions in the near future.
“Higher education edtech category is witnessing significant traction and adoption. With GreyCampus joining hands it adds to the portfolio of courses and opens up the international market for us to expand further,” said Aditya Malik, CEO and MD of Talentedge.
Talentedge, which counts institutions such as XLRI-Jamshedpur, IIM-Kashipur, IIM-Rohtak, SPJIMR, MICA, OLX, Viacom 18 and Wizcraft as its partners, offers more than 250 courses.
Earlier in 2017, reports stated that Talentedge is looking to foray into the Middle East and South Asian markets.
The Edtech Market Gains Speed
According to a 2017 Google-KPMG report, the Indian online education market is projected to reach $1.96 Bn mark by 2021. It also stated that test preparation will be the fastest growing segment in the market by 2021.
The report also added that as of 2017, the reskilling and online certification courses accounted for about 38% of the total online education market.
Last month, Hyderabad-based edtech startup Toppr has raised funding of $35 Mn (INR 246.13 Cr) from Kaizen Private Equity and existing investors SAIF Partners, Helion Ventures, Kaizen PE and Eight Roads Ventures. Delhi-based edtech startup Eupheus Learning had also raised an undisclosed amount of funding from Mumbai-based venture capital firm Sixth Sense Ventures.
In the same month, edtech unicorn BYJU’s had raised $540 Mn (INR 3,810 Cr) in Series F funding from Canada Pension board’s investment arm CPPIB Investment Board Private Holdings, Naspers Ventures BV and General Atlantic Singapore TL Pvt Ltd which boosted its valuation to $4 Bn (INR 28,918 Cr).