Educomp arm sells majority stake in Gateforum to PE fund

Online education services firm Educomp Solutions today said one of its subsidiary has sold a majority stake in Gateforum Educational Services to private equity fund ASK Pravi Pvt Equity Opportunities fund.
Financial details of the deal were not revealed.
Its subsidiary Educomp Online Supplemental Services sold it stake in the company which offers GATE training, Educomp said in a BSE filing.
Gateforum has a presence in 65 cities across India and has trained 1.2 lakh students since inception.
"We invested in Gateforum in 2011 and have nurtured the company over the years. We are happy to have divested our stake to ASK Pravi," Educomp Solutions Managing Director Shantanu Prakash said.

Yes Bank's Sustainable Investment banking team acted as an exclusive strategic and financial investor to the transaction, the filing said.
"Education is a key focus sector for us and we look forward to building Gateforum into a platform for out investments in the test preparation space," ASK Pravi Capital Advisors Managing Partner Jayanta Banerjee said.
ASK Pravi is a domestic private equity fund focusing investments in lower mid-market companies.