Educomp Solutions Ltd on Thursday announced that it had signed an agreement with Kaizen Private Equity and global media and publishing firm Bertelsmann to raise investment in its subsidiary Authorgen, an e-tutoring and online education firm.
Under the agreement, Kaizen PE and Bertelsmann will invest Rs 22 crore into Authorgen. The funds will be used for growth capital and further upscaling the usage of the Web site, an Educomp release said.
Earlier this month, Educomp had announced the sale of its pre-school business, Eurokids, where it had sold 50 per cent shareholding. “The transaction completion is subject to fulfilment of customary conditions,” it said, and added that a final announcement would be made once completion is done.
Authorgen operates WizIQ.com, a web-based platform for education service providers to teach live and online in a virtual classroom. Educomp claimed that over 150,000 teachers and two million learners use WizIQ’s e-learning services.