Navneet Education Limited Widens Its Area Of Expertise, To Invest INR 30 Cr In EdTech Companies
Mumbai, 19 August 2021: Navneet Education Limited (NEL), one of the established leaders in the educational content provider, has built its legacy over more than six decades. The company is now spreading its wings in the digital space. Navneet Tech Ventures Private Limited (NTVPL) the wholly owned subsidiary of Navneet Education Limited has made series of investments as a part of its overall digital strategy.
NTVPL has bought 51.8% equity in Genext Students Private Limited, an education technology company engaged in the business of offering online tutoring for students. It has also recently acquired 46.84% shares in Carveniche Technologies Private Limited, a multi-channel, multi-dimension and multi-disciplinary logic analysis focussed Mathematical Thinking program “beGalileo” which offers live classes, AI-based learning platform, interactive content, and physical Math & logic boxes for children. Further, it has invested 14.08% equity in Elation Edtech Private Limited, operating through brand “Tinkerly” which is engaged in the business of providing STEM learning online, offline solutions to children with the help of online courses, Tinkering Lab, Innovation Lab and STEM Kits. NEL has committed to invest approx. INR 30 Cr. for the same and will make further investments in subsequent rounds.
While formal education in India is multi-fold and regulated, the demand for informal education which includes test preparation, coaching classes, supplemental learning, vocational training, etc. has grown significantly over the last few years. The evolution of education technology also added to the growing demand in the informal education sector. As the pandemic forced lockdowns, it has boosted the digital revolution in the education industry. These investments would help in getting a stronger platform to foray into multiple facets of education including digital learning and which in turn would benefit NEL as NTVPL is a wholly owned subsidiary of the company. As part of these associations, Navneet will provide content, knowledge and reach while the EdTech companies will help NTVPL in getting a stronger platform to foray into multiple facets of education including digital learning.
Ketan Gala, President EdTech, Navneet Education, said, “Constant innovation is the key to provide the best products and services to our customers. In changing the traditional architecture of education, EdTech has the power to transform the future of how education is resourced and consumed. At Navneet Education Ltd. we believe in evolving regularly to stay ahead of the needs and demands of our customers. Investing the EdTech companies supports our objective of providing best and highest quality of educational products and services to customers in the language and medium of their choice and provide complete platforms for online learning.”