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Updated: Pearson Invests $12.5Mn In TutorVista, JV With EduComp & Future Plans

Update: As a part of a $19 million third round of funding, Bangalore-based e-learning company TutorVista raised $6.5 million from Lightspeed Venture Partners and Manipal Group, apart from $12.5 million from the Pearson group, VCCircle reports. With this, the total from three rounds of funding since its incorporation in 2006 comes to $38 million. CEO K Ganesh told VCCircle that the company intends to use the money to expand to UK and Australia; they have around 10,000 students in all, 90% of which are from the US. Original Story (June 25th 2009): Pearson, the media group behind Financial Times and publishing house Penguin, is showing an increased interest in India's online education sector in the backdrop of an uncertain economy and weakened spending in North America's K-12 publishing market. It has acquired a 17.2% stake in TutorVista, a Bangalore based e-learning company, for $12.5 million, VCCircle reported. TutorVista recieved its first round of funding from Manipal Group, and its second from venture capitals Sequoia Capital India, Silicon Valley Bank and Lightspeed Venture Partners. Lightspeed contributed $7 million, while the other two contributed an additional $3.75 million. TutorVista has 20,000 registered students and offers coaching using online whiteboards and voice over IP (VoIP) primarily to an USA audience. Pearson has plans to include TutorVista's services to its bouquet of education services for students in North America, the UK and other parts of the world. Vocational Training With EduComp Pearson has also set up a joint venture with Delhi-based EduComp, which is listed on the BSE and…

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