e-Learning firm to invest $10 million

The Bangalore based provider of consulting and implementation solutions in the e-learning space, 24 X7 Learning, on Monday said the company plans to make an investment of $10 million over a period of two years as part of its expansion plans.

"We aim to become a $12 million (Rs 54 crore) company in another two years," said Karthik K S, founder and managing director, 24 X7 learning. The company had registered a topline of Rs 7.5 crore last year and is in the same space as that of IBM and NIIT. It is also preparing itself for inorganic growth. "A major thrust will be given to branding the product and expanding globally," said Karthik.

In India, the company plans to expand the reach of its solutions, open more offices and increase its sales force to exploit the potential of the Indian eLearning market which is growing over 100 per cent annually.

The company plans to increase focus on newer verticals like retail and will also expand its existing clients. It also aims to provide on-demand learning services.

The Indian market is estimated to be in the range of Rs 80-100 crore. The overall market is estimated to be around $25 billion. and is growing around 35 per cent every year.

The investment will also boost the three components of eLearning "" technology, content and services. Presently the company has 61 clients in India and is getting deals worth Rs 25 lakh. "Our planned global spread will help us secure deals upto $100,000," said Karthik.

The investment will be done by two individual investors and the KITVEN fund (Karnataka IT Venture Capital).