Navneet Tech Ventures Private Limited (NTVPL) the wholly-owned subsidiary of NEL has acquired 51.8 percent stake in the company
Genext Students Private Limited, a Mumbai-based education technology company engaged in the business of offering online tutoring for students has raised an undisclosed amount of funding from Navneet Education Limited (NEL), an educational content provider. Navneet Tech Ventures Private Limited (NTVPL) the wholly-owned subsidiary of NEL has acquired 51.8 percent stake in the company.
The deal highlights how the established players in the education/publishing industry are taking massive leaps to embrace the technology revolution and will set precedence for all existing publishing/traditional education giants to explore such strategic alliances and will open up newer avenues for ed-tech players.
Ketan Gala, President – Ed-Tech, Navneet Education, said, ‘’Navneet is India’s largest listed education entity with a market capital of more than Rs. 2,000 Crores. With a reach to more than 50,000 schools and institutes, 5 lakh tutors and more than 1 crore students, Navneet will provide content, knowledge and reach for Genext Students to grow aggressively. Navneet has been a pioneer in adopting to the latest trends in education industry over the past 60 years.’’ He further added, ‘’Even after the pandemic is over, the technology will continue to play a pivotal role in education segment – both for learners and educators.’’
Ali Asgar Kagzi, Co-Founder, Genext Students, said, ‘’Genext Students is a full stack ed-tech solution offering education services for the K-12 segment. Over the years we have developed a very strong technology ecosystem which very closely integrates all the three pillars of Education – Tutors, Students and Parents. Having already raised a couple of rounds of funding, we have been seeking strategic partners who would not only provide us with financial support but one who deeply understands the education space and could offer us a strategic support to drive the company to the newer heights.’’ He further added, “With the fresh funding, Genext plans to create exciting tech products for the teacher community, strengthen the tech ecosystem and expand its reach to the heartland of India.”
Source: Business World
