Jaro Institute of Technology Management and Research Limited (JARO) is a rapidly expanding online higher education and upskilling platform that collaborates with leading Indian institutions — including IIMs, IITs and other premier universities — to offer a wide portfolio of degree programmes, professional certificates, and short-term courses. Leveraging its proprietary learning management system, Jaro Connect, and a robust digital infrastructure, the company has grown its revenue from ₹1.22 billion in FY 2023 to ₹2.52 billion in FY 2025, maintaining healthy EBITDA margins and a strong balance sheet. Headquartered in Mumbai, JARO is led by Chairman & Managing Director Sanjay Namdeo Salunkhe and CEO Ranjita Raman, and serves a diversified learner base across western, northern, and southern India.
Offer Details of the IPO
Price Band: INR 846 to INR 890 per Equity Share
Book‑Running Lead Managers (BRLMs):
Indian Online Higher Education Sector – A Deep Dive
The Indian online higher‑education and up-skilling market is a fast-growing, technology-driven segment of the broader education ecosystem. It sits at the intersection of traditional university degree programmes, professional‑skill certification, and test‑preparation services, all delivered through digital platforms (Learning Management Systems, virtual classrooms, AI-enabled tutoring, and mobile-first content). The market is characterised by:
Table: Key Segments
| Key Segments | What It Covers | Typical Offerings |
| Degree Education | Full-time or part-time undergraduate, postgraduate, and doctoral programmes offered by Tier I/II universities in partnership with online platforms. | MBA, B.Tech, M.Sc., Ph.D. programmes; blended learning models. |
| Technical & STEM Upskilling | Short-term, industry-focused courses that build job-ready technical skills. | Data Science, AI/ML, Cloud Computing, Cyber Security, Robotics, Software Development. |
| Managerial & Behavioural Upskilling | Executive-level and mid-career programmes that enhance leadership, strategy, and soft skill capabilities. | Leadership, Project Management, Digital Marketing, Business Analytics, Design Thinking. |
| Professional Certification | Industry-recognised certificates that validate specialised competencies. | PMP, CFA, Six Sigma, Google Cloud, AWS, Cisco, and Microsoft certifications. |
| Test Preparation & Coaching | Structured content and mock exams for competitive examinations and entrance tests. | CAT, GATE, UPSC, GRE/GMAT, State-level engineering/medical exams. |
| Corporate B2B Solutions | LMS, virtual learning centres, and talent development portals are sold to enterprises and educational institutions. | White label platforms, employee learning portals, analytics dashboards. |
Source: RHP
These segments are increasingly inter‑linked – a learner may enrol in a degree programme, supplement it with technical upskilling, and finish with a professional certification, all through a single digital provider.
Table: Growth Snapshot
| Period | CAGR (Compound Annual Growth Rate) | Comment |
| Historical (pre 2023) | ≈ 9.4 % (2018- 2023) | Growth was driven by early digital adoption, smartphone penetration, and the first wave of university platform collaborations. |
| Recent (FY 2023, FY 2025) | ≈ 24.6 % (2023- 2025) | Accelerated by pandemic-induced habit change, expanded partner university tie-ups (e.g., IIMs, IITs), and higher corporate spend on employee upskilling. |
| Projected (FY 2025, FY 2028) | ≈ 25.7 % (2025 2028P) | The market is expected to more than double from INR 2.09 bn in FY 2025 to INR 4.15 bn in FY 2028, underpinned by continued demand for flexible learning, rising disposable incomes, and the government’s push for skill-based employment. |
| Segment Level Outlook | Degree Education: 20-22 % CAGR (steady university partnerships.Technical Upskilling: 30-35 % CAGR (high demand for AI/Cloud skills).Professional Certification: 25-28 % CAGR (industry-driven credentialing).Test Prep: 15-18 % CAGR (stable but slower than upskilling). | The technical upskilling slice is the fastest-growing, reflecting the talent gap in emerging technologies. Certification and degree segments benefit from the credibility of top-tier institutions, while test prep remains a mature, lower-growth niche. |
Source: RHP
JARO Institute of Technology Management & Research Limited – Company Overview
Jaro Education, incorporated on 9 July 2009, is headquartered in Mumbai. The company is led by Founder & MD Sanjay Namdeo Salunkhe and CEO Ranjita Raman, supported by a board of independent directors, including two women members. It has grown steadily by focusing on bridging the gap between learners and universities through innovative technology and strong operational support.
Operating under the Jaro Education brand, the company is a leading online higher education and upskilling platform. It markets, sells, and facilitates the delivery of degree programmes, diplomas, and professional certificate courses offered by partner universities and institutes. While Jaro does not create academic content, it provides a comprehensive ecosystem including its proprietary technology platforms (Jaro Connect and LMS), marketing and sales support, student services, and certification facilitation, ensuring a seamless learning experience for students across India.
The company collaborates with top academic institutions, including premier IIMs and IITs, 15 Tier 2 universities such as D.Y. Patil, Manipal, and Symbiosis, as well as international partners like the University of Toronto, Deakin University, and MIT Sloan. In addition, Jaro operates alongside peer online education platforms, including UpGrad, Great Learning, Simplilearn, and TalentSprint, reinforcing its strong presence and competitive positioning in the online higher education and upskilling sector.
Competitive Positioning
Strengths
Weaknesses / Risks
· Dependence on Partner Institutions: Jaro does not create content; revenue depends on partner universities’ willingness to continue online delivery. Loss of a major partner (e.g., an IIM or IIT) could cause a material revenue dip.
· Revenue Concentration: About 33% of revenue comes from a few Tier 1 partners, and ~73% of revenue is concentrated in Western India. Regional economic slowdown or regulatory changes could disproportionately affect earnings.
· Related Party Transactions: Significant unsecured loans and lease rent arrangements exist with promoter-controlled entities (Global Education Trust, Jaro Toppscholars, etc.). This creates a perception of related party risk and potential cash flow strain if counterparties default.
· Leverage: Total borrowings are well below equity (≈0.3×) with cash and cash equivalents of INR 50.78 million, indicating low financial risk and adequate liquidity.
· Recent Subsidiary Disposals: Removal of Net Employment Services and Jaro Education subsidiaries reduced the asset base and eliminated goodwill, resulting in loss of ancillary revenue streams and potential operational synergies.
· Litigation & Tax Disputes: Ongoing tax disputes (≈₹48 mn) and a pending IT law case could lead to cash outflows or reputational impact if judgments are adverse.
· Limited International Exposure: Almost all operations and partners are India-based, leading to missed overseas growth opportunities and higher vulnerability to domestic regulatory changes.
· Key Person Dependency: The Salunkhe family and senior executives hold multiple overlapping roles across the group, creating succession risk and governance concerns if any key individual departs.
Financial Profile
Fast Revenue growth: Jaro has seen a revenue growth of 60%+ in FY24 and 25%+ in FY25. This has been primarily driven by an expansion of partner institution network and scale up of its digital platform. Following are the key details:
Margins are expanding – The net‑profit margin more than doubled from FY 2023 to FY 2025, reflecting both higher‑margin service contracts and better cost control (e.g., stable employee‑benefit expense growth of ~₹ 120 mn YoY versus revenue growth of ~₹ 1,300 mn). EBITDA margin increased to 33 % in FY25 (31.93 % in FY 2024 5), indicating that operating leverage is being realised.
High Return Ratios: Strong ROE & ROCE – After the disposal of subsidiaries, the firm generated a ROE above 35 % and a ROCE above 37 %.
Table: KPI Comparison
| Company Name | Particulars (Units) | FY 2023 | FY 2024 | FY 2025 | CAGR |
| Jaro Institute of Technology Management and Research Limited | Financial KPIs | ||||
| Gross Revenue (INR mn) | 3,165.73 | 4,877.34 | 6,255.43 | 41% | |
| Gross Revenue (y-o-y growth%) | 26.56% | 54.07% | 28.26% | – | |
| Net Revenue (INR mn) | 1,221.45 | 1,990.45 | 2,522.63 | 44% | |
| Net Revenue (y-o-y growth%) | 44.37% | 62.96% | 26.74% | – | |
| EBIT (INR mn) | 202.14 | 568.01 | 744.33 | – | |
| EBITDA (INR mn) | 255.53 | 635.59 | 835.81 | 87% | |
| EBITDA Margin (%) | 20.92% | 31.93% | 33.13% | – | |
| PAT Margin (%) | 9.35% | 18.75% | 20.34% | – | |
| Current Ratio | 1.62 | 2.59 | 3.09 | – | |
| Net Working Capital | 3.19 | 2.77 | 1.93 | – | |
| Debt – Equity Ratio | 0.45 | 0.21 | 0.30 | – | |
| Trade Receivable Turnover Ratio | 18.33 | 20.34 | 10.53 | – | |
| Net Worth (INR mn) | 778.45 | 1,174.32 | 1,715.47 | – | |
| Return on Net Worth (%) | 14.87% | 32.35% | 30.12% | – | |
| Return on Capital Employed (RoCE) (%) | 19.12% | 40.90% | 37.38% | – | |
| Total Asset Turnover Ratio | 0.80 | 1.05 | 1.05 | – | |
| Return on Equity Ratio (RoE) (%) | 15.05% | 37.82% | 35.76% | – | |
| Operational KPIs | |||||
| Number of Universities | 29 | 34 | 36 | – | |
| CAGR of Universities (%) | 38.10% | 17.24% | 5.88% | – | |
| Number of Admissions | 21,579 | 29,145 | 31,434 | – | |
| CAGR of Admission (%) | 9.23% | 35.06% | 7.85% | – | |
| Number of Offices and Studios | 29 | 37 | 39 | – | |
| CAGR of Offices and Studios (%) | 0.00% | 27.59% | 5.41% | – | |
| Learners Acquisition Cost | 18,372 | 20,203 | 24,356 | – | |
Source: RHP
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