Edtech company iNurture, which provides higher education programs 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 that 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.
As of July 2020, the company has partnered with over 35 universities across India, has over 50 programs on campus, and over 10,000 students take these courses.
iNurture has also partnered with global universities offering digital business, sports, luxury, and hospitality management programs, including various courses in emerging technologies.
While iNurture said its sales exceeded Rs 150 cr in fiscal 20, documents filed by the company show that it had operating sales of Rs 79.67 cr for the fiscal year ending March 2020. The good news is that the company had optimized its efficiency and posted a profit of Rs 1,100 crore and an improved EBITDA margin of -12.05% in the fiscal year from 19 to 8.06% in fiscal year 20 It should be noted that the losses for in fiscal 19 they were close to 11 billion rupees.
With the markets growing at a spectacular rate especially the Indian market becoming technologically advanced and skilled-driven rather than just promoting degrees from premier institutes, the 2 years of PGDM courses are now walking hand-in-hand with just what the industry requires. The bright side to the coronavirus outbreak in the education sector is the smart switch many management institutes have made with business school students and staff coming together to support each other through the crisis. To ensure proper student engagement responding to such disruption, top management colleges offering PGDM courses are shifting to blended learning tech-savvy modules involving practical and theoretical curriculum so that students can keep up with their studies without any hitches.
