Norwest may buy 20% stake in education services firm TutorVista

NEW DELHI: Global investment firm Norwest Venture Partners (NVP) is in talks to pick up about 20% stake in education services firm TutorVista.com for Rs 225 crore, said a person familiar with the development.

This puts the valuation of the company at Rs 1,125 crore. When contacted by ET, K Ganesh, founder and CEO of TutorVista.com, said: “We are in the process of raising $50 million for our organic and inorganic growth plans both for our global consumer internet business and the India education business.” He, however, declined to comment on the ongoing negotiations with NVP. “Beyond this, we cannot comment on any speculation,” he added.

Established in 2005, TutorVista teaches students online, preparing them for tests in the US and the UK. It caters to over 20,000 students globally. Besides, it also runs tutorial centres and schools across the country.

This current round of capital infusion will help TutorVista provide technology-related services to larger number of schools in the country, according to a person privy to the development. Last year the company tied up with Manipal Education to enter the K-12 school segment.