The company will use the funds raised for the acquisition and consolidation in a strategic sense.
CollegeDekho, a platform for college admissions and higher education services in India, has recently discontinued its Series B funding with the disruptive ADQ and QIC coming on board. The USD 35 million (~ 260 crore) round is led by Winter Capital, ETS Strategic Capital – ETS’s private equity investment arm (creator of the TOEFL test and GRE General Test), Calega and existing investor Man Capital.
CollegeDekho plans to use the funds to further improve its offerings for students and colleges both in India and abroad. The company will increase its investment in products and technology as new verticals emerge, such as ad-fin-tech, student housing and coaching for higher education. It is also considering expanding its study services abroad in the global market. The company will also use the funds raised for acquisitions and consolidations in a strategic sense.
Founded in 2015, CollegeDekho connects potential students to colleges using proprietary technology and AI-based conversation bots. Its Common Application Form platform, which enables students to apply to multiple colleges with one click, is one of the largest in India. For students studying abroad, CollegeDekho provides a full range of services ranging from profile building, exam preparation to application assistance, university selection and visa assistance.
Colleges recently introduced innovative 0 percent EMI-based education financing and insurance products to give more students access to the education of their choice. The platform helps colleges make their admissions more efficient and predictable. The company plans to create services to help students with higher education coaching as well as student accommodation services.
Commenting on the closure of the Series B fund, Ruchi’s Aurora, founder and CEO of the college, said: Investors who have worldwide exposure and experience in higher ad technology. Their participation in our growth story is a testament to the fact that we are reaching the goal of transforming students’ journey to higher education. Following the successful completion of the Series B funding, we will expand our teams and platforms to serve a greater number of students and colleges. We will accelerate our growth in our new ventures such as education loans, student housing and coaching for higher education as well as increase our investment in products and technologies. In addition to redoubling our efforts to expand our reach in the Indian market, we will also consider expanding our presence abroad. ”
In their comments, the existing investors expressed their optimism about the promising growth prospects of the college. Anton Farlenkov, Managing Director of Winter Capital Advisors, said: “We are delighted to welcome ADQ and QIC with ETS Strategic Capital as our co-investor in the college. We are convinced that joining the pool of strong investors like partners strengthens the college’s chances of success and proves the value of investing in EdTech, which is poised to reach US $ 10 billion in the next 5-10 years. Today about 2.5 2.5 billion. We see our investment in college as well-suited to the strategy of expanding our investment portfolio through promising and dynamic, high-quality assets. “
“We continue to identify and invest in companies both domestically and internationally whose mission and long-term vision are aligned with ETS,” said Ralph Taylor-Smith, Managing Director of ETS Strategic Capital.
“We are delighted to see continued investment in the college look that furthers our shared goals of advancing access and equity in education for all students around the world,” Ralph concluded.
Man Capital Chairman Mohammad Mansoor commented, “We are delighted to be partnering with the founders of CollegeDekho from day one and to join Winter Capital and ETS Strategic Capital with ADQ and QIC as co-investors. We continue to support the belief and vision of the company. CollegeDekho is at the forefront of the rapidly expanding and growing ad-tech market in India. In addition to the significant growth in college admissions and the ad-tech market in greater India, we are also seeing the growth of integrated solutions for college students around the world. We believe that the college is in a very good position to expand its services and become a leading player in the world in the years to come. ”
The higher education market accounts for more than 50 per cent of the Indian education market. FY20 is larger than the K-12 market in terms of US $ 135 billion. With the NEP-led initiative aimed at raising the gross enrollment ratio of higher education in India to 50 per cent in the next ten years, the higher education market is expected to grow rapidly in the coming years.