Omni-channel higher education services provider iNurture Education Solutions has secured Rs 10 crore ($1.34 million at current exchange rates) in a debt funding round from Mumbai-based non-banking financial company (NBFC) BlackSoil Capital.
iNurture will use the fresh funds to accelerate its digital business and meet working capital requirements, a statement said.
This is BlackSoil’s second investment in iNurture -- it funded the firm in April 2017 as well.
“The unprecedented Covid situation today has opened up a wide array of opportunities for players like iNurture in the emerging edtech sector. With universities being compelled to shift classes online, we will support iNurture at this time to help them deliver the much-needed courses online through their strong digital platform,” Ankur Bansal, co-founder and director of BlackSoil, said.
Additionally, the company said it would raise an equity round from its existing investors, without disclosing further details.
So far, iNurture said it has raised Rs 200 crore in equity investment from investors including Ascent Capital, Bertelsmann, Ventureast and Kimera.
Founded in 2009 by Ashwin Ajila, iNurture collaborates with universities to develop industry-relevant undergraduate and postgraduate programmes. It offers end-to-end delivery of programmes, right from admissions to curriculum design and placement. The company claims to have partnered with over 35 universities across India and developed more than 50 programmes, which recorded more than 10,000 student enrollments.
The company also operates a higher education focused online platform, which, according to the company, is being used by more than 3,00,000 students. The artificial intelligence-driven platform assesses the employability of a student and provides necessary interventions through on-campus career development programmes and placement cells, it said. It offers over 200 courses in technology, management, finance, animation, engineering, commerce, soft skills and green skills to strengthen a student’s employability quotient.
“The Covid crisis presents an enormous opportunity for us to support our partners and engage with undergraduate and postgraduate students digitally and make them career ready, even within the confines of their homes,” founder Ajila, also the managing director of iNurture, said.
BlackSoil runs a diversified alternate credit platform for startups, small and medium enterprises, and real estate firms. It provides customised credit solutions to borrowers based on their business models and cash flow structures, and claims to have disbursed more than Rs 400 crore to over 40 startups in the past four years.