In a strategic move, HCL Group has injected Rs 166 crore to secure a minority stake in Educational Initiatives (Ei), a prominent education software company. Shikhar Malhotra, Director at HCL Group, expressed enthusiasm about the investment, citing Ei’s unique blend of scalable technology, impactful social initiatives, and sustainable growth.
Established in 2001, Ei operates as a business-to-business education software firm, offering research-supported assessments and personalized adaptive learning solutions to schools. Leveraging cutting-edge research and technology, the Bengaluru-based company has developed a suite of assessment and adaptive learning products tailored for both students and educators, boasting over 1 million paid users.
With operations spanning across India, UAE, South Africa, and Singapore, Ei aims for further expansion into South Africa, Kenya, Ghana, and Saudi Arabia. The company seeks collaborative business partnerships with compatible firms in these markets and eyes potential acquisitions of edtech product firms dedicated to enhancing learning outcomes in respective regions.
Pranav Kothari, CEO of Ei, expressed excitement about HCL Group’s investment, emphasizing a shared vision of leveraging pedagogy and technology to elevate learning outcomes for millions of students globally. HCL Group’s acquisition of a portion of Gaja Capital’s stake in Ei through a secondary stake sale underscores its commitment to advancing educational initiatives. This move follows Gaja Capital’s recent leadership in a $21-million funding round for the student accommodation platform, Amber.
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