Simplilearn Solutions Pvt. Ltd, which provides training for professional certification courses, on Wednesday said it has raised $45 million (about ₹366 crores) in a Series E funding round from a consortium led by GSV Ventures.
The round also saw participation from Clal Insurance, and DisruptAD, ADQ’s venture platform.
According to a company spokesperson, the round saw primary investments with no existing stakeholders making an exit from the firm.
Global private equity firm Blackstone is an investor in the firm as it picked a controlling stake in the company in July 2021 through its about $250 million fund infusion. The deal was largely secondary and paved the way for the exit of early investors such as Kalaari Capital and Mayfield.
“We continue to witness the accelerated need for a digitally skilled workforce across industries and Simplilearn continues to be focused on bridging the digital skill gap. Continuing on our path of mindful growth, we are grateful for how far the company has come today…Today, we are excited to partner with GSV Ventures, a globally recognized investor with a strong track record in the education sector, along with a strong set of co-investors in Clal Insurance and DisruptAD. This funding came at a time when the industry is going through turmoil and stands as a testimony to our steady, profitable growth,” said Krishna Kumar, the founder, and chief executive officer of Simplilearn.
Founded in 2010 by Kumar, Simplilearn is based in San Francisco, California, and Bangalore, and offers access to work-ready training to individuals and businesses globally.
In an earlier interaction with VCCircle, Kumar said that the company sees a huge global opportunity and its priority will be to grow rapidly in the US even as India has seen an increasing shift to online learning in the wake of the coronavirus pandemic.
In its FY22 financial review, the company’s losses widened to ₹149.9 crores against FY21’s ₹5.65 crores, while its consolidated revenue from operations grew about 41% in FY22 at ₹479.7 crores against the last reported fiscal’s ₹340.9 crores.
Avendus Capital was the financial adviser to Simplilearn and its shareholders on the transaction.
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