Manipal invests Rs 75 cr in TutorVista, forms JV
Manipal Education and Medical Group (MEMG) is investing about $15 million (Rs 75 crore at current exchange rates) into online tutoring entity TutorVista, at least two people familiar with the development said.
By Sarah Jacob & Boby Kurian, ET Bureau |
BANGALORE: Manipal Education and Medical Group (MEMG) is investing about $15 million (Rs 75 crore at current exchange rates) into online tutoring entity TutorVista, at least two people familiar with the development said.
The cash infusion will see MEMG and TutorVista arm Edurite Technologies forging a joint venture (JV) in the primary education space. The latest development will also lead to MEMG increasing its stake in TutorVista to a significant minority.
In 2007, MEMG invested $2.5 million as venture capital funding in TutorVista. However with the latest round of funding, MEMG and TutorVista appear to have forged a strategic alliance. Through Edurite, re-branded as Manipal K-12, the combine will set up greenfield schools or seek management takeover of existing schools.
In December 2008, MEMG acquired the entire shareholding of the American University of Antigua, one among the top medical education campuses in the Caribbean islands, for about $115 million.
The cash infusion will see MEMG and TutorVista arm Edurite Technologies forging a joint venture (JV) in the primary education space. The latest development will also lead to MEMG increasing its stake in TutorVista to a significant minority.
In 2007, MEMG invested $2.5 million as venture capital funding in TutorVista. However with the latest round of funding, MEMG and TutorVista appear to have forged a strategic alliance. Through Edurite, re-branded as Manipal K-12, the combine will set up greenfield schools or seek management takeover of existing schools.
In December 2008, MEMG acquired the entire shareholding of the American University of Antigua, one among the top medical education campuses in the Caribbean islands, for about $115 million.
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