iNurture Education Solutions, a Bengaluru-based ed-tech startup that provides formal higher education programmes in India, announced that it has raised Rs 10 crore in debt funding from Mumbai-based new-age venture debt platform, BlackSoil. This is in addition to the undisclosed amount of equity capital the company is raising from its existing investors.
The Ed-tech startup said it will utilise the debt funding to accelerate its digital higher education platform and meet its working capital requirements.
Commenting on the development, Ashwin Ajila, Founder and Managing Director, iNurture, said, “The COVID-19 crisis presents an enormous opportunity for us to support our partners and engage with undergraduate and postgraduate students digitally, and make them career ready, even within the confines of their homes. We are currently in the process of raising an investment round of over $100 million, which we hope to close by the end of the year.”
iNurture provides industry relevant graduation and postgraduation degree programmes in partnership with industry and recognised universities in India. The company claims that it has partnered with over 35 universities across India, delivers over 50 programmes on campus, and has 10,000+ students enrolled in these courses. Its higher education focussed online platform is being used by more than 300,000 students.
Ankur Bansal, Co-Founder and Director, BlackSoil, added, “The unprecedented COVID-19 situation has opened a wide array of opportunities for players like iNurture in the emerging edtech sector. As technology becomes an important catalyst in empowering students across the country, it is definitely the right time for us to take up this mantle. With universities being compelled to shift classes online, we will support iNurture at this time to help them deliver the much-needed courses online through their strong digital platform.”
Till now, iNurture raised around Rs 200 crore in total equity investment from marquee investors like Ascent Capital, Bertelsmann, Ventureast, and Kimera.
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