Mayfield India, others invest Rs 90 crore in Simplilearn

BENGALURU: Simplilearn, an online professional certification platform has raised funding of about Rs 90 crore led by Mayfield India fund according to a source familiar with the matter. Existing investors Helion Ventures and Kalaari Capital also participated in the round.

The deal where Mayfield has pumped in half the invested amount included investment of Rs 25 crore from Helion, while Kalaari put in Rs 20 crore. The premoney valuation was about Rs 400 crore according to a person with knowledge of the deal.

"The numbers for Simplilearn has been amazing. The international business is doing well over the last few quarters. It has seen exponential growth, and the market is very large, which is why investors are looking to tap in," said a person directly involved in the deal.

A pre-money valuation is a term referring to the valuation of a company or asset prior to an investment. If an investment adds cash to a company, it will have different valuations before and after the investment.

Simplilearn and Mayfield declined to comment. Helion said they were not aware of the deal and Kalaari Capital denied the deal. The six-year-company, launched by Krishna Kumar is one of the world's largest players in online professional certification space, training about 10,000 new users every month. The company, in an earlier interaction with ET, had said that 45% of its user base comes from India, followed by the United States, which also provides most of the revenue.

Market research firm Global Industry Analysts projects the online learning industry will reach $107 billion this year.

So far, Simplilearn has trained about 2 lakh users and conducts 500 unique classes every month.