HCL Group invests Rs 166 crore in edtech firm Educational Initiatives

Information Technology major HCL Group has invested Rs 166 crore to acquire a minority stake in education software company Educational Initiatives (Ei)

This is a part of the secondary stake sale, where HCL Group has acquired a portion of the stake held by Mumbai-based private equity firm Gaja Capital in Ei.

“We’re thrilled to invest in Ei…The organisation offers a distinctive blend of scalable technology, impactful social initiatives, and sustainable growth,” Shikhar Malhotra, director, HCL Group, said in a statement on Tuesday.


The Bengaluru-based company plans to expand to new markets like South Africa, Kenya, Ghana and Saudi Arabia. It currently operates in India, UAE, South Africa, and Singapore.

It is also looking to acquire edtech product companies focused on improving learning outcomes, and claims to have over a million paid users for its offerings.

Founded in 2001, Ei operates in a business-to-business (B2B) model, where it provides schools with a suite of assessment and adaptive learning products for teachers and students to help improve learning outcomes.

Commenting on the investment, Ei chief executive Pranav Kothari said, “I’m excited to welcome HCL Group as investors who share our vision of leveraging the best of pedagogy & technology to improve learning outcomes for millions of students in India and around the world.”

In September 2022, HCL acquired a majority stake in vernacular edtech platform Guvi, which offers tailor-made courses for learners, universities and employers.

On February 12, ET reported that student accommodation platform Amber raised $21 million in its first round of institutional funding, led by Gaja Capital.