Venture capitalists Sequoia Capital and Song Advisors Tuesday said they have invested $15 million (INR701.7 million) in Indian school and college operator K12 Techno Services Pvt. Ltd.
The companies didn't immediately reveal how much of a stake they had picked up in the Secunderabad-based firm in lieu of their investment.
“We see K12 as a pioneer with a capital efficient model addressing a large market opportunity,” Sequoia Capital India Managing Director KP Balaraj said in a note to the press.
This is Sequoia Capital's third investment in India's education sector, the note added.
K12 manages more than 60 schools run by 15 different trusts under the brand names of Gowtham Model School and Orchids in the southern Indian state of Andhra Pradesh.
The firm plans to expand its business to other states in the country in the next two years, the note said.
Source: Automated Trader