Matrix Partners Invests Rs100 Crore In IIT Prep Firm FIITJEE
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Venture capital firm Matrix Partners India today said it has invested Rs100 crore in IIT test prep firm FIIT JEE Ltd. This is the first round of funding for the Dinesh Kumar Goel-headed firm and Matrix is the sole investor. FIITJEE provides training for competitive exams such as IIT-JEE (Indian Institute of Technology-Joint Entrance Exam) and AIEEE (All India Engineering Entrance Examination). Rishi Navani, co-founder and MD of Matrix India will join the board of FIITJEE. The company has also appointed its CFO Rajesh Sharma to its board. Kotak Investment Banking adviced the company on this deal.
Mahesh Tutorials and Career Launcher are other firms that have raised VC money in the past. In 2007, Helix Investments made a $12 million investment in Mahesh Tutorials and CareerLauncher raised money from Intel (NSDQ: INTC) Capital and Gaja Capital Partners, according to VCCircle.
The education sector—virtual and offline—has been attracting investments from strategic and financial investors. Pearson (NYSE: PSO) Plc. recently invested $30 million in forming a JV with Educomp and picking up a stake in TutorVista.
A Mint story that laid down the investments in the education space.
Posted In: Money, M&A & Venture Capital, Venture Capital
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