Educational content provider Edurite Technologies will soon be receiving investment of $12-15 million from a strategic investor as it looks to scale up its operations, the company’s CEO said.
Without divulging the name of the investor, Meena Ganesh said that the funds will be used to expand its current line of businesses, which includes providing content for schools, tutorials, employability support and school-management. The education segment in India is estimated to be a $40 billion industry.
Ganesh said Edurite would now play a very active role in providing educational curriculum to schools, including tutorials for teachers. It has already held discussions with a few schools in this regard. Currently, Edurite provides content to around 3,000 schools, covering one million students. Furthermore, it provides tutorials to around 3,000 pupils for various entrance examinations.
Ganesh said Edurite operates under the build-own-operate-transfer model and would be looking at furthering its reach across different segments of the education sector. For 2008, Edurite has provided content to 40 new schools and plans to reach 100 by the end of the year.
Edurite, founded in 2000, is part of the Tutor Vista group of companies. It reported revenue of Rs 10 crore for FY08 and is targeting Rs 35 crore for FY09. Ms Ganesh was earlier the CEO, Tesco Hindustan Service, the captive IT unit of the British-based retail chain Tesco.
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