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| Matrix Partners invests Rs 100 cr in FIIT JEE |
| Press Trust of India / Mumbai Jul 13, 2009, 14:19 IST |
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Matrix Partners India today said it has invested Rs 100 crore as the sole investor in the first round of funding of FIIT JEE.
The Co-Founder and Managing Director of Matrix India Rishi Navani will join the board of FIIT JEE, a press release issued in the financial capital said.
FIIT JEE provides training for the prestigious IIT-JEE, AIEEE and other engineering entrance exams.
"Our aspiration is to build the leading education company in India. We were fortunate to have significant interest in our financing requirements from the private equity community but concluded that Matrix Partners India with its understanding of the education sector and calibre of its people was the best partner for FIIT JEE," Dinesh Kumar Goel, FIIT JEE's chairman said.
Kotak Investment Banking acted as the exclusive transaction advisor to the company, the release added.
"The education sector in India should continue to exhibit robust growth and FIIT JEE is ideally positioned to capitalise on this opportunity. We look forward to closely partnering the company," Matrix India's Rishi Navani shared.
This is Matrix India's second investment in the education sector which is a key focus area for the firm, he added.
FIIT JEE has appointed Rajesh Sharma as the CFO to its board, the release said.
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