Navneet Publications is investing Rs 45 crore in Sequoia Capital backed K-12 Techno Services, a Hyderabad-based school management company.
K-12 services 67 state board schools run by several trusts across Andhra Pradesh in the affordable education segment and run under Gowtham Model Schools and Orchids brands, 8 junior colleges and an international school, Navneet said Thursday.
K-12 offers school management services like administration, curriculum development, infrastructure development, teacher recruitment and training among others. It had earlier raised funds from Sequoia Capital to expand in Andhra Pradesh.
With this latest round of funding, K-12 plans to launch its services across five different states and is targeting to manage over 200 schools in the next 3-4 years, Navneet said.
Navneet and K-12 will also work closely with schools in Maharashtra and Gujarat to expand school management services in these states, it said.
Navneet said its publishing business is predominantly in Maharashtra and Gujarat and this investment in K-12 provides it an opportunity to develop and launch its products and services for the Andhra Pradesh state board over the next couple of years.
Navneet Publications shares were up 2% at Rs 67.40 on NSE post the announcement.
