Bengaluru based education services provider iNurture raises ₹10 crs venture debt from BlackSoil Capital
Mumbai: Backed by Ascent Capital, Bertelsmann and GVFL, higher education solutions provider iNurture Education Solutions Pvt. Ltd., raised ₹10 Crores Venture Debt from Mumbai based specialized financing NBFC firm BlackSoil Capital Private Limited.
The Bangalore based company was started in 2008 and is now engaged in designing and delivering new age innovative, industry relevant, job oriented undergraduate and postgraduate programs by partnering with universities across India. Presently, the company has partnered with 25 Universities pan-India and has a student base of 3,500. It has a pool of ~150 faculty teaching courses across 4 main verticals i.e. IT, Animation, Finance & Marketing. iNurture has a successful track record of placing students in reputed companies post-graduation. The company recently entered into a Joint-venture with Europe’s largest higher education company, Galileo Global Education. The joint venture will provide higher education services to centers of excellence, which will offer degree and diploma programs in streams such as Digital Marketing, Design, Tourism & Hospitality and Sports & Luxury Management. iNurture has seen a consistent growth of ~80% year on year for the last 3-4 years.
“iNurture’s main aim is not just to provide education but to increase employability by imparting the right knowledge. Our business model is preferred and now accepted by leading universities of India. Hence scope of expansion is very large as market is still untapped from our perspective. The funds will be used to tighten the blended learning experience to students in partner units” – said Mr. Ashwin Ajilia, Founder of iNurture.
“A unique business model coupled with solving the employability gap is what we like about iNurture. The funds we have infused are going to help the company meet its working capital requirements and at the same time focus on its ongoing and new business initiatives” – said Mr. Ankur Bansal, Whole-time Director, BlackSoil Capital Private Limited.
After investment in SaaS based retail data analytics company “Intelligence Node”, BlackSoil has completed its fourth Venture debt transaction with “iNurture”.
BlackSoil NBFC is promoted by three prominent Family offices, namely – Mr. Shashi Kiran Shetty, Promoters of AllCargo Logistics; Gala Group, Promoters of Navneet Education Ltd; and Mumbai-based realty expert Mr. Virendra Gala.