Talentedge managing director and CEO Aditya Malik said that the company is in an advanced stage of discussion with investors to raise between Rs 180 to Rs 220 crore against equity to support the company’s growth
Edtech firm Talentedge expects to cross Rs 220 crore revenue in the current financial year driven by traction in the online education space, according to a top company official. Talentedge managing director and CEO Aditya Malik said that the company is in an advanced stage of discussion with investors to raise between Rs 180 to Rs 220 crore against equity to support the company’s growth. ‘Our revenue in the last four months of this financial year (April to July), has doubled from what we were doing earlier till March,’ Malik told PTI.
Malik further noted that Talentedge should be able to achieve the entire last year’s total revenue in the first six months of this year. ‘We are looking at whatever we did in the entire last year, we should be close to doing that in the first six months of this year. We are now at an annual revenue run rate of USD 30 million (Rs 220 crore),’ he said. The company provides professional courses in tie-up with domestic and foreign institutes.
Malik said globally online program management is a big business and it is picking up in India as well with clear guidelines coming from the government. The company is increasing its headcount to support its growth. ‘We are a team of about 500 members. The intent is to hit 750 by December of this year. We intend to hire people in technology, sales, and marketing,’ Malik said. The company is in the process to raise funds by diluting equity. ‘The intent is to raise about USD 25 to USD 30 million so that in the next 24 months we can just focus on growing the business significantly,’ Malik said.
Source: Business World