Bangalore-based Klay Schools has raised $16 million from Peepul Capital and other existing investors. Amazon India has cut its own commission up to 30 per cent in key categories.
Klay Schools raises $16m from Peepul Capital, others
Bangalore-based Klay Schools has raised $16 million in funding in Series B round led by private equity firm Peepul Capital.
Existing investor Kaizen Private Equity also took part in the fresh round, The Economic Times reported citing Klay’s CEO Priya Krishnan.
Run by Founding Years Learning Solutions, Klay School will use the money for its expansion plans.
In 2013, Kaizen had invested $6 million in Klay Schools which provided an exit to its existing investor Value and Budget Housing.
Amazon slashes commissions in key categories
The categories include mobiles (from 5.5 per cent to 3.5 per cent), PCs (from 4 per cent to 3 per cent), electronic goods and personal care appliances. The changes will apply from June 17.
This comes soon after rival Flipkart announced plans to increase its commission.