HCL Group has invested Rs 166 crore to secure a minority stake in education software company Educational Initiatives (Ei).
“We are thrilled to invest in Ei … The organisation offers a distinctive blend of scalable technology, impactful social initiatives, and sustainable growth,” said Shikhar Malhotra, Director, HCL Group.
Founded in 2001, Ei is a business-to-business education software firm that offers research-supported assessments and personalised adaptive learning solutions to schools.
By leveraging research and technology, Bengaluru-based Ei has crafted an array of assessment and adaptive learning products tailored for students and educators. It claims to have more than 1 million paid users.
Ei, which operates in India, UAE, South Africa, and Singapore, aims to expand further across South Africa, Kenya, Ghana, and Saudi Arabia. It is seeking business partnerships with like-minded companies in these markets.
The firm is also looking to acquire edtech product firms dedicated to enhancing learning outcomes within their regions.
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“I’m excited to welcome HCL Group as investors who share our vision of leveraging the best of pedagogy and technology to improve learning outcomes for millions of students in India and around the world,” said Pranav Kothari, CEO of Ei.
HCL Group has acquired a portion of private equity firm Gaja Capital’s stake in Ei as part of a secondary stake sale.
Recently, Gaja Capital led a $21-million funding round for the student accommodation platform Amber.
Edited by Swetha Kannan
