The fund infusion will be used by the Hyderabad-based company for its organic and inorganic growth plans, an official statement said.
"We will be deploying the funds to scale our business geographically, increase our client base, develop cutting edge education products, modernise our facilities and scale up our digital business," Nspira's managing director Puneet Kothapa said.
The company will also "opportunistically" look at inorganic opportunities synergistic with core business and diversifying offerings, he added.
"We believe private education in India is poised for a strong growth phase, driven by the large demand-supply gap for quality education as well as by increasing disposable incomes and urbanisation," Morgan Stanley PE Asia's managing director in India, Nirav Mehta, said.
Naval Totla, the managing director of Banyantree Growth Capital said the company's business model is highly scalable and can be relevant to the students' needs with continuous innovations.
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