[Funding alert] Edtech firm iNurture raises $15M to propel growth
iNurture Education Solutions, an Edtech firm in higher education, has raised $15 million in a combination of debt and equity from ADM Capital, an investment firm with a focus on financing growth, cross border transactions, acquisitions and special opportunities across the Asia Pacific region.
As part of this transaction, ADM Capital has also acquired Ventureast's stake in, facilitating a complete secondary exit.
The Bengaluru-based Edtech firm is looking to utilise these funds for propelling the growth of its NEP-ready (National Education Policy 2020) programmes, expanding its ‘Centres of Excellence’ model across university partners in India and further enhancing its technology stack for student placement.
“With the ongoing disruption in the higher education space, iNurture is in pole position to take advantage of this great opportunity to accelerate growth, and further strengthen its global education network,” the company said.
Currently, the company has partnerships with over 30 university campuses across India, offering over 50 programmes on campus, and has more than 15,000 students enrolled in these differentiated programmes.
iNurture Education also has partnerships with global universities providing programmes in Design, Digital Business, Sports, Luxury and Hospitality Management including several courses in emerging technologies.
“Having established a profitable growth trajectory, our efforts in the last few years have been to strengthen our offerings in the online space, especially focused on student employability, through a robust technology infrastructure and effective academic constructs as well as powering the Smart University model through implementation of Centres of Excellence across our University partner network,” said Ashwin Ajila, Founder and Managing Director of iNurture.
Ashwin Ajila, Founder and Managing Director, iNurture
Founded in 2004, iNurture is an artificial intelligence-based platform that assesses the employability of a student and provides necessary interventions through on-campus career development programs and placement cells.
In the fiscal year 2022, iNurture grossed $29 million in turnover with an EBIDTA of $2.5 million. The company said that it is targeting to exceed its long-term revenue CAGR of 40 percent for the fiscal year 2023, while expanding its profit margins on account of significant operating leverage.