TeamLease acquires 40% stake in Schoolguru for Rs13 crore – tech2.org

TeamLease acquires 40% stake in Schoolguru for Rs13 crore

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The purchase of additional stake by TeamLease is linked to Schoolguru’s future performance and meeting its milestones.

The buy of extra stake by TeamLease is linked to Schoolguru’s future efficiency and badembly its milestones.

New Delhi: Staffing providers agency TeamLease Services on Wednesday mentioned it has acquired 40% stake in on-line studying firm Schoolguru Eduserve Pvt Ltd for Rs13.53 crore, a transfer that may speed up TeamLease’s employability technique.

Both the businesses have signed a definitive settlement to this impact. “TeamLease’s infusion of Rs13.53 crore into the company (Schoolguru) will be primarily used to expand its business into new geographies, strengthen existing technology and content library, and innovate in new forms of delivery,” the corporate mentioned in a regulatory submitting.

The transaction includes buy of each major in addition to secondary shares of the corporate by a structured deal. The buy of extra stake by TeamLease is linked to the corporate’s future efficiency and badembly its milestones, it added.

“We began talks to be a customer for TeamLease Skills University but quickly realised that with some investments Schoolguru could emerge as important platform to accelerate our employability strategy,” TeamLease Services Managing Director Ashok Reddy mentioned.

The transaction will likely be topic to customary closing situations and regulatory approvals and is predicted to shut earlier than the tip of November 2017. Schoolguru will proceed to function as a separate and unbiased entity.

“This partnership with TeamLease helps us in two ways; one is pursuing our vision of technology enabled employable education and second is creating new forms of blended learning that combine our platform with on-thejob-learning,” Schoolguru CEO Shantanu Rooj mentioned.

Schoolguru was based in 2012 by Shantanu Rooj, Ravi Rangan and Anil Bhat. The firm companions 18 Indian universities to badist them present premium on-line and digital programs for his or her college students. It providers 70,00zero college students. The firm has a library of 45 undergraduate programs and 30 masters programs with a complete of over 5,00,00zero minutes of video content material.

First Published: Wed, Nov 08 2017. 07 26 PM IST
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