HCL Group, the parent of IT services giant HCLTech, has acquired a minority stake in B2B education software company Educational Initiatives (Ei) for an investment of Rs 166 crore . This comes at a time when the edtech sector is reeling with the aftermath of its largest player BYJU'S various woes.
The fresh capital will be used by Ei to expand into new geographies, including South Africa, Kenya, Ghana and Saudi Arabia. Additionally, it is looking to acquire edtech product companies focused on improving learning outcomes in their respective regions.
Shikhar Malhotra, Director, HCL Group said: “We’re thrilled to invest in Ei; it is a great organisation with technological prowess and a commitment to effecting positive societal change. The organisation offers a distinctive blend of scalable technology, impactful social initiatives, and sustainable growth.”
“We have demonstrated our ability to improve learning outcomes and empower school teachers to achieve their intent of every child learning well regardless of their parent income. I’m excited to welcome HCL Group as investors who share our vision of leveraging the best of pedagogy & technology to improve learning outcomes for millions of students in India and around the world”, added Pranav Kothari, CEO, Ei.
Founded in 2001, Ei is a leading B2B education software company that provides schools with assessments and personalised adaptive learning solutions to help improve learning outcomes at scale. Ei has more than 1 million paid users for its two offerings: Assessments (Ei ASSET and Ei CARES) and Personalised Adaptive Learning (Ei Mindspark) and is present in India, UAE, South Africa, and Singapore.
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