IT Giant HCL Group Funds Rs 166 Crore in Edtech firm Education Initiatives By CIOTechOutlook Team

IT Giant HCL Group Funds Rs 166 Crore in Edtech firm Education Initiatives

CIOTechOutlook Team | Tuesday, 05 March 2024, 02:32 IST

IT Giant HCL Group has funded Rs 166 crore to secure a minority stake in education software company IEducational Initiatives (Ei). This is a piece of the optional stake deal, where HCL Gathering has obtained a part of the stake held by Mumbai-based private value firm Gaja Capital in Ei.

“We’re thrilled to invest in Ei…The organisation offers a distinctive blend of scalable technology, impactful social initiatives, and sustainable growth,” Shikhar Malhotra, director, HCL Group, said in a statement on Tuesday.

The educational tech firm intends to extend to new business sectors like South Africa, Kenya, Ghana and Saudi Arabia. It presently works in India, UAE, South Africa, and Singapore. It is likewise hoping to gain edtech item organizations focused in on further developing learning results, and claims to have north of 1,000,000 paid clients for its contributions.

Established in 2001, Ei works in a business-to-business (B2B) model, where it furnishes schools with a set-up of evaluation and versatile learning items for educators and students to assist with further developing learning results.

Commenting on the investment, Ei chief executive Pranav Kothari said, “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.”

In September 2022, HCL obtained a larger part stake in vernacular edtech platform Guvi, which delivers custom made programs for students, colleges and employers.