iNDICA NEWS BUREAU-
Blackstone Group Inc, a New York-based investment management company, has purchased a majority stake in Bangalore-based online digital skills platform Simplilearn.
The investment company has secured a 70% stake in Rs 1,860. It provides an exit for existing investors by buying 60% and 10% shares from promoters.
India’s education engineering sector is currently experiencing exponential growth as a pandemic seeking the need to provide online education and the need for a variety of digital skills and accreditations.
Blackstone has $ 112 billion in corporate PE assets under management (AUM) and has so far owned $ 50 billion in AUM in India, including IT companies Mphasis and Piramal Glass. He is also an investor in Akash Educational Services, an edtech player that was recently acquired by Byju’s for nearly $ 1 billion.
Blackstone has added educational technology companies to its global portfolio, including Ascend Learning, a software and solution provider for vocational education, Ellucian, a software provider to global universities, and Articulate, a SaaS platform for corporate training.
Simplilearn will use the new funding to expand into the United States and Europe to form partnerships with global universities. This includes doubling the physical fitness of employees from the current 1,500 to 3,000 in the next 12-18 months. The company also plans to buy back employee stock options that benefit nearly 100 employees.
Simplilearn was launched by Krishna Kumar in 2009 as a blog for sharing information and tips on project management for applicants. Today, the platform offers more than 100 programs to help early to mid-career professionals acquire skills in technology, data science, AI and machine learning, digital marketing, cybersecurity, and project management.
The company offers courses in partnership with the world’s top universities such as MIT Schwarzman College of Computing, Caltech CTME, Purdue Online and IIT Kanpur, as well as companies such as IBM, Facebook, Microsoft and Amazon.
Today, the startup has nearly 20,000 rupees of paid users, and the free learning platform SkillUp aims to have 5 million users onboard by 2023. skill.