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New Delhi, Apr 5 Staffing and training firm TeamLease Services on Tuesday said it has raised Rs 100 crore from ICICI Venture and Gaja Capital Partners. The two entities have made an equity investment in TeamLease.
“The Rs 100 crore fund will be utilised for both organic and inorganic expansion in the vocational education segment.
“We are looking at acquisition opportunities and also plan to expand our centre networks,” TeamLease Managing Director Mr Ashok Reddy told PTI.
TeamLease entered the vocational education sector by acquiring the Indian Institute of Job Training (IIJT) in 2010. The company said the capital raised would be deployed for vocational education initiatives, which building a corporate training business and a TeamLease university project.
ICICI Venture CEO Vishakha Mulye said the education and staffing sector in the country is poised for an exciting future. “We recognise the important role of private capital in the evolution of the sector. We believe that TeamLease and its management team are best positioned to tap this opportunity,” Mulye added.
Noting that privatisation of skill development is just reaching a critical mass, Gaja Capital Partners Managing Partner Mr Gopal Jain said TeamLease has demonstrated its ability to leverage its presence in the segment.
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