CL Educate increases stake to 39 percent in 361 Degree Minds, India’s first OPM (Online Program Management) company
New Delhi : CL Educate Limited, one of Asia’s leading EdTech companies (listed on BSE and NSE), and owner of popular brands Career Launcher and Kestone, announced today that it has increased its stake in 361 Degree Minds (361DM) from 11.72% to 38.92% through a Rights Issue. CL Educate and 361DM management also announced that Prof S. Sadagopan, founding director of IIIT Bangalore and formerly with IIT Kanpur and IIM Bangalore will join the board as the non-executive Chairman and guide her into the future.
361 Degree Minds, an aggregator of online degrees, has forged tie-ups with a few leading Universities in India including Jain University, SRM University, Manipal University, etc.
Founded and run by BITS Pilani alumni, the company is a Digital twin enabler and the OPM (online program management) partner for the universities and aids them in their curriculum adoption, outreach, enrolment and delivery processes.
At present, India has around 40 million learners of which about 4 million learners are in online and distance learning programs. However, India’s GER is still only 29%, that is about 40 million students on a base of 135 million youngsters are in higher education programs and is expected to touch 50% in over a decade, which would translate to 80 million students enrolled in multiple programs, with many also allowed to pursue dual degrees – online and offline simultaneously.
Speaking about the decision to invest further in 361 Degree Minds, CL Educate Chairman Satya Narayanan R said, “This is a decadal opportunity that will transform higher education and will also take Indian higher education to other parts of the world.”
“I am also delighted to share that Prof. Sadagopan has accepted our invitation to join us as the non-executive Chairman of 361DM. His experience, wisdom and technology thinking will be a great blessing for 361DM to scale unprecedented heights”.
P Ram Mohan, Director, 361 Degree Minds said, “This is a sort of homecoming for us, as CL Educate is already an investor in our company. CL Educate’s brand, network and experience would enable us to accelerate our growth under the guidance of Prof Sadagopan.”
Speaking on the occasion Prof Sadagopan, who is revered for his contribution to Indian higher education over the past four decades shared, “India becoming a Vishwaguru will be a reality in the next two decades as India takes her high-quality higher education global by leveraging technology and leveraging Indian universities to deliver education globally. I am pleased to be guiding 361DM through this journey as an Indian start-up with immense potential.”
Also joining the 361DM board is CL Educate board member Professor Piyush Sharma (Ph.D.), a Professor at Curtin Business School, Curtin University, Australia and an authority in internationalization of higher education.