Kaizen, Bertelsmann to invest Rs 22 cr in Educomp's online biz

NEW DELHI: Educomp Solutions today said Kaizen Private Equity and Bertelsmann will invest Rs 22 crore in its e-tutoring and education subsidiary, Authorgen.

Educomp has signed an agreement with Kaizen and Bertelsmann (a global media company) to raise investment in Authorgen, the education solutions provider said in a statement.

Kaizen and Bertelsmann will invest Rs 22 crore and the funds will be used for growth capital and further upscaling the usage of the website, it added.

Authorgen operates WizIQ.com, a web-based platform for education service providers to teach live and online in an easy-to-use and free virtual classroom.

Over 1.5 lakh teachers and two million learners currently use WizIQ's e-learning services, the statement said.

Founded in 1994, BSE-listed Educomp Solutions serves 33,000 schools and 21 million learners and educators globally.

Educomp shares were trading at Rs 128.20 apiece in late afternoon trade, down 4.54 per cent from its previous close on the BSE.