Private equity major Blackstone Group has entered into an agreement to acquire a controlling stake in ed-tech startup Simplilearn for $250 million. This deal came up post the fund sold its portfolio company Aakash Educational Services, which runs tutorial centers across the country to ed-tech startup Byju’s in a cash & stock deal estimated at $950 million. Kalaari Capital, Helion Venture Partners & Mayfield Fund had raised $28 million which is more than half the stakes of the company. The return on investment they earned is 6-15 times more & are making an exit. The company is a provider of online training across various technologies & its applications including data science, AI, machine learning, cloud computing & other digital disciplines. 60% of the business comes from overseas markets.
The founder & CEO Krishna Kumar says, “Simplilearn wants to establish itself across universities around the world. The global network of Blackstone would definitely help in achieving this goal.”
Currently, there are 2 million learners on this digital platform. The aim is to increase to 5 million learners by 2023.
Source: Economic Times