Azent Overseas Education Limited, an online education startup founded by IT firm Hexaware Technologies Ltd founder Atul Nishar, on Wednesday said it has acquired Bengaluru-based AdmissionTable.com, an artificial intelligence driven online platform for overseas university selection and admission counselling.
While it did not disclose the deal value, this forms part of Azent’s larger plan to invest ₹250 crore into the firm’s technological capabilities, services, acquisitions and infrastructure.
“We have set aside about ₹250 crore for investing in this venture over the next three years. We expect about half of that, about ₹125 crore, to go towards acquisitions, and the remaining would be invested in building physical infrastructure, improving our technology and funding our working capital requirements. As we actively look for more opportunities, we plan to acquire three companies in the education counseling space in the next three years,” said Atul Nishar, founder of Azent Overseas Education.
“The acquisition of AdmissionTable.com would help us extend our reach beyond the tier-1 cities and establish a pan India presence. Further, we look to build 3-5 centers every year, which means we will have 15 offline centers by the end of three years. We also plan to expand our business to Gujarat and open another online centre in Mumbai,” he added.
“In India, overseas education counseling is a fragmented market and we want to be able to consolidate that by acquiring a significant market share. Alongside, we will enhance our quality of services and continue adding more value for students and families,” said Nishar.
Education has emerged as one of the most attractive sectors for entrepreneurs and investors alike over the last few years, driven by a huge untapped market and parents’ willingness to fund education across income categories and tech enabling a broad reach. While Byju’s, valued at $5.5 billion, is the leading startup, others include Unacademy, Vedantu and Toppr, all of which have either raised or are raising growth equity capital.
This article was first published on livemint.com.