With a third round funding of US$19 million, serial entreprenuer K Ganesh is gearing up for an aggressive global expansion and acquisition-led growth for his education venture TutorVista Global Pvt Ltd. In one of the largest venture funding rounds in recent times, the Bangalore based online education provider last week raised US$12.5 million from the UK based publishing giant Pearson Group and another US$6.5 million from the existing investors Lightspeed Venture Partners and Manipal Education and Medical Group (MEMG). Most of this capital will be used to expand in foreign markets, while, in India, it will go in for an acquisition overdrive of schools and school managements, besides tutorial companies in states where it does not have a presence.
TutorVista Founder and CEO K Ganesh, told that his company has so far notched up 10,000 students as paying customers – of which 90% are from the US and the remaining belong to 48 different countries. Its overseas plans include launching online global English programmes, which will be available in all non English speaking countries. The company already has about 600 Korean students who learn English. TutorVista employs 800 teachers, who work from their homes in India.