Bangalore-based education website for working professionals Avagmah, has been acquired by TutorVista founders Meena Ganesh and K. Ganesh, and Capital18, reports TechCircle. It is worth noting that TutorVista was acquired by Pearson in 2013.
Karthik KS, the present CEO of the company will continue to lead the company while Meena Ganesh and Sarbvir Singh, MD of Capital 18 have joined the board of the company. The report also states that Avagmah is in talks with Indian and global investors to raise Rs 100 crores to fund its expansion plans to Sri Lanka, Malaysia, Indonesia and the Middle East. The investment made through the acquisition stands at Rs 15 crores although the percentage invested by each is not clear.
Avagmah offers degree and certification courses for working professionals who wish to continue their education. The company’s present education partners include Jack Welch Management Institute, Bharathidasan University, IMT Ghaziabad, Whistling Woods International, Apollo Medavarsity, among others. It appears that the website caters to medical professionals, lawyers, marketing professionals, IT professionals, among others. ‘
Launched in 2010, the company claims to have over 1800 working professional using their platform with 60+ centres across India. The website offers courses starting at Rs 10,000 which comes with live weekend virtual lectures for students to attend.
This acquisition seems to be in-line with the general trend of the online education segment. This segment has been seeing some investments especially by the end of the last quarter and beginning of this quarter in 2014 (months of March & April 2014). Last week, collaboration and learning network for students and researchers Function Space, had raised seed funding from Nexus Venture Partners.
Earlier in April 2014, Learning Edge Academy of Professionals Pvt Ltd (LEAP), an e-Learning & educational technology platform, had raised an undisclosed amount of angel funding from Sarthi Angel Venture Foundation (SAVF). Mobile-focused education marketplace GradeStack had raised an undisclosed amount of investment from Times Internet Limited.
Other online education startups catering to working professionals include Jaaga Study, by Jaaga, a Bangalore-based collective for artists and techies; Coursera Learning Hubs, an initiative that will offer people physical spaces where they can access its Massive Open Online Courses (MOOCs) for free; Simplilearn.com that specialises in professional certification courses, and backed by IndoUS Venture Partners (IUVP); Edusys backed by Sequoia; and SlideRule, a Microsoft accelerator company that aggregates online learning courses across various topics from several course providers, among others.