TeamLease to acquire 40% stake in Schoolguru

Staffing firm TeamLease Services will acquire 40 per cent stake in Mumbai-based education technology start-up Schoolguru for Rs 13.5 crore (about $2 million), it said in a stock-exchange disclosure. It will continue to be run as a separate entity following the transaction.

Schoolguru partners universities to provide online courses for students.  It was founded in 2012 by Shantanu Rooj, Ravi Rangan and Anil Bhat. Rooj, the company’s chief executive officer, is an IIM-Calcutta alumnus while Rangan and Bhat are alumnus of BITS-Pilani and MS University, respectively.  In October 2015, it had raised $3 million in a Series-A round from family offices of