Staffing firm TeamLease Services will acquire 40 per cent stake in Mumbai-based education technology start-up Schoolguru for Rs 13.5 crore (about $2 million), it said in a stock-exchange disclosure. It will continue to be run as a separate entity following the transaction.
Schoolguru partners universities to provide online courses for students. It was founded in 2012 by Shantanu Rooj, Ravi Rangan and Anil Bhat. Rooj, the company’s chief executive officer, is an IIM-Calcutta alumnus while Rangan and Bhat are alumnus of BITS-Pilani and MS University, respectively. In October 2015, it had raised $3 million in a Series-A round from family offices of affluent individual investors based in India and the US.
In May, TeamLease agreed to acquire 30 per cent stake in Bengaluru-based Cassius Technologies, which runs job portal Freshersworld, in an all-cash deal. In January, it bought Bengaluru-based Keystone Business Solutions to strengthen its information technology staffing vertical.