Saturday, September 01, 2007

Coaching class bags $12 m in foreign funds

Mahesh Tutorials Educare Pvt. Ltd received FDI worth $12 million (about Rs49 crore) from Mauritius-based Helix Investments to expand its operations in India and abroad.With current revenue of Rs35.5 crore, the tutorial, which has a strong presence in Mumbai, wants to have a turnover of Rs150 crore by 2010. Most importantly, a stock market listing—an initial public offering (IPO)—could be likely in the near future.In 2000, Career Launcher received FDI of $1 million from Intel Corp.’s investment arm Intel Capital.Other coaching institutes are not far behind. Mumbai-based IITian’s PACE, which comprises former IIT professors, coaches students for the IIT entrance examination. IITian’s PACE is currently in advanced stages of talks with three foreign venture capitalists to finance a one-stop solution for all the educational needs of a child coming from the wealthy class.

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