Edtech company iNurture, which provides higher education programmes in India, has raised $15 million in a combination of debt and equity round from ADM Capital.
As part of the deal, ADM Capital has also acquired VentureEast’s stake in iNurture, allowing for a full secondary exit.
The startup plans to use the funds to boost the development of its NEP-ready (National Education Policy 2020) programmes, expand its ‘Center of Excellence’ model across university partners in India, and enhance its technology for access to student placements.
The Bengaluru-based iNurture was founded in 2004 by Ashwin Ajila, It is an AI-based platform that assesses the employability of a student and provides necessary interventions through career development programs and placement cells on campus.
Currently, the edtech firm has partnerships with over 30 university campuses across India, offering over 50 programs on campus, and over 15,000 students enrolled in these various programs.
It also partners with global universities offering programs in design, digital business, sports, luxury and hospitality management, including a range of courses in emerging technologies.
“Having established a profitable growth trajectory, our efforts in the last few years have been to strengthen our offerings in the online space, especially focused on student employability, through a robust technology infrastructure and effective academic constructs as well as powering the Smart University model through the implementation of Centres of Excellence across our University partner network”, said, Ashwin Ajila, Founder and Managing Director of iNurture.
The company said that with The ongoing disruption in higher education, iNurture is well-positioned to take advantage of this great opportunity to accelerate growth and further strengthen its global education network.
The edtech firm generated $29 million in turnover in fiscal year 2022 with an EBIDTA of $2.5 million.
The startup said it is targeting to grow its long-term revenue CAGR by over 40 per cent for FY2023, while expanding its profit margins due to significant operating leverage. In March 2021, iNurture had raised $10 million in funding from Kimera Ltd, a Dubai-based family office.
iNurture’ stands for ‘Intelligent Nurturing’. Intelligent nurturing of young talent to make them employable on graduation with a long-term career orientation is our motto. iNurture began operations in the year 2005, endeavouring to develop and deliver industry-relevant Undergraduate and Postgraduate programs in the fast-growing sectors of the new-age economy, through a unique University-Industry Partnership (UIP) model.
iNurture currently offers over twenty-five programs in active collaboration with some of the best-known Universities, Autonomous institutions and Colleges across India.
The verticals in which these programmes are offered include advanced sectors such as Information Technology (Cloud Technology, Information Security and IT Infrastructure), Mobile Applications, Creative Industries (Advertising, Branding, Media, Entertainment and Internet), Business Leadership, e-Commerce, Financial Services, Business Analytics, Tourism & Hospitality Management, ToonSkool New Media Edu. (Animation, Visual Effects, Game Design & Development, UI & UX, Digital Film-Making & App Development), SMAC (Social, Mobile, Analytics & Cloud) and Design.