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Educomp Subsidiary WizIQ Raises Rs 22 Crore From Kaizen & Bertelsmann

Authorgen, a subsidiary of Educomp Solutions Ltd, has raised Rs 22 crore from Private Equity firm Kaizen and Bertelsmann, a German media company, according to a BSE filing (.pdf).

Authorgen operates WizIQ.com, a web based platform for education services providers that enables them to create virtual Classroom and Convert document to flash. The funds raised will be used for scaling the website usage.

Founded in 2005 by Harman Singh and Harbir Khurana, WizIQ.com raised its first round of funding in 2006 from Band of Angels (BoA). The platform was finally launched in 2007 and also raised funding from Educomp by giving away 51% stake in the company. Educomp later upped its stake at 83%. In 2009, Educomp launched its premium accounts as a monetization strategy.

The company also launched its Android and iOS app for virtual classrooms. The app can be customized for languages such as Arabic and Hebrew (right to left) and other languages like Chinese, Czech, Dutch, English, French, Polish, Persian, Portuguese, Russian, Spanish, Thai and Turkish. The company claims that its virtual classroom service has over 2.5 million students and nearly 2,00,000 teachers. The virtual classroom service is also available on the desktop via web browser.

As a part of the investment authorSTREAM, an online platform that PowerPoint users around the world use to share presentation based content, will merge into WizIQ. Authorstream has about 4 million users including teachers, trainers and students, the company claims.

Bertelsmann, now an investor in Authorgen, opened its corporate center in India in early 2012. Bertelsmann’s divisions has been fairly active in India. RTL Group is currently setting up two TV channels here with a national partner; Fremantle Media, RTL Group’s production arm, does business in India with hit franchises like “Indian Idol”, “The X Factor” and “Got Talent.” The book-publishing subsidiary Random House India has been publishing books in India since 2005. Gruner + Jahr acquired a majority stake in the Indian magazine publishing company Maxposure in 2011, in advertising sales and events business NetworkPlay, and did the rather strange acquisition of Smile-Vun Group’s barely-off-the-ground mobile ad network SeventyNine.

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Other Educomp developments

In 2010, Educomp had acquired and merged Studyplaces with a maximum consideration of $1.5 million dollars, as a preferential share allotment. Info Edge, which had invested $1 million in the company along with $1 million each from Kleiner Perkins, Caulfield & Byers (KPCB), Sherpalo Ventures had reported that they had lost money on the deal. Recently, Livemint had reported that Educomp plans to sell its entire 50% stake in Eurokids International Ltd, which runs pre-schools and publishes children’s book.

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