Spice Mobility has acquired 22.54% of stake in Delhi-NCR based Sunstone Eduversity, the company informed BSE in a notification, for ‘engaging in the education business.’ The acquisition was an all cash deal, but the financials were not disclosed. Spice Mobility stated that Sunstone Eduversity Private Limited was a newly incorporated company, and thus, its last three years’ turnover ‘was not applicable’.
Sunstone lets users take an online test, get selected to join a batch where they get exposure to experts and practical work and then get a placement offer from companies. This process is applicable for MBA/PGDM, BBA, BCA and NSDC programs where the company charges Rs 55,000 to Rs 1.2 lakhs for MBA and NSDC classes.
The online university also offers full time 3 year courses through an affiliation with Chaudhary Charan Singh University. Users have the option to pay after they’re placed and the company claims affiliations with AICTE and UPTU. Sunstone also claims to have made placements in companies like Google, Cognizant, Amazon, Flipkart, Ibibo, Spice, Tata and TimesCity among others. SEPL takes care of complete operations of the education process, right from admission to placement.
MediaNama’s take: Recent developments at Spice indicate that is it looking to leverage its services business by launching and acquiring multiple platforms. It is looking at bundling these services as a default on its mobile business, adding value to lower priced handsets, but making money off of the services. Last month, we reported that although Spice Mobility’s mobile devices business continued to face losses, revenue from its services business increased by 21%. The services business represented about 12.4% of the company’s revenues for that quarter.
– The company recently appointed Dilip Modi as executive chairman and director. Modi would be additionally responsible for business operations and expansion of the company across India.
– In November, the company launched iPEN (intelligent post event notification), a contextual marketing platform for telecom operators. The marketing platform takes into consideration consumption trends, actions like end of a call, data session, balance, recharge history and threshold triggers etc. The data is then used to carry out an advertising campaign for the customer over channels like SMS, OBD, email and USSD.
– In July, it acquired a 26% stake in telecom technology solutions providers Creative Functionapps Lab for an undisclosed amount. The acquisition could be the company’s attempt to prop up its services business, which has been steadily increasing its share in the company’s total revenues.