HCL Group Invests ₹166 Crore in Educational Initiatives

20 Mar 2024 , 11:58 PM

For an investment of ₹166 Crore, HCL Group, the parent company of the massive IT services business HCLTech, has purchased a minority interest in the B2B education software company Educational Initiatives (Ei). This occurs while the edtech industry is still reeling from the fallout from the troubles of its biggest participant, BYJU.

Ei plans to use the new funding to grow into other regions, such as Saudi Arabia, Kenya, Ghana, and South Africa. 

'We're thrilled to invest in Ei; it is a great organization with technological prowess and a commitment to effecting positive societal change,' stated Shikhar Malhotra, Director of HCL Group. The company provides a unique fusion of socially significant projects, scalable technology, and long-term growth. 

'We have proven that we can raise learning standards and provide teachers the tools they need to fulfill their goal of seeing every child succeed academically, regardless of their family's financial situation. The CEO of Ei, Pranav Kothari, continued, 'I'm thrilled to welcome HCL Group as investors who share our vision of leveraging the best of pedagogy & technology to improve learning outcomes for millions of students in India and around the world.'

Established in 2001, Ei is a prominent business-to-business provider of education software, offering customized adaptive learning solutions and assessments to schools in an effort to enhance learning outcomes on a large scale. With its two products—assessments (Ei ASSET and CARES) and personalized adaptive learning (Ei Mindspark)—Ei boasts over a million paying customers and operates in Singapore, South Africa, the United Arab Emirates, and India.

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