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| GVFL picks up stake in iNurture |
| BS Reporter / Mumbai/ Ahmedabad Nov 24, 2009, 00:17 IST |
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Venture capital company, GVFL has announced an investment of Rs 11 crore in Bangalore-based iNurture Education Solutions Limited. Based out of Ahmedabad, the erstwhile Gujarat Venture Finance Limited made its sixth investment from the Rs 450-crore SME Technology Fund.
Talking about the investment, Mihir Joshi, managing director of GVFL said, "What triggered the Rs 11 crore investment in iNurture was India's education sector and its potential. The sector offers assured demand growth, recession proof nature, and negative working capital. Today's growing economy expects students to be market ready. Government's recent policy directions and openness to adapt to this need allows players like iNurture to play a formidable role in this sector."
He however, declined to divulge details of the equity share picked up by GVFL.
A parent body of ToonSkool, iNurture offers long term animation courses to bridge the skill gap between the studio’s expectation and students’ skills and became the first company in India to launch a 3-year degree course in animation.
Post-investment, GVFL intends to assist iNurture in increasing course offerings and expand geographically. Currently, iNurture runs around 20 centres across the country.
"The company plans to utilise part of the funds to diversify and develop content in emerging sectors. The company will also establish a content studio to develop e-content for all its courses offered and is targeting to launch its e-university by June 2011," said Ashwin Ajila, managing director and chief executive officer of iNurture.
Over 19 years, GVFL has invested in 72 companies across the country and has exited out of 58 such investee companies.
Of the existing 14 investee companies, 12 are based out of Gujarat, Joshi said.
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