Edtech iNurture, which offers university programs in India, has raised Rs 71.5 cr, or nearly $ 10 million, thanks to what appears to be bridge funding from Kimera Ltd, a Dubai-based family office.
iNurture allocated 71.49 821 Series C CCDs to Kimera at Rs 10 each to increase the total. According to Crunchbase, Kimera is a four-year family office that provides investment and financial planning advice.
The Bengaluru-based company had raised around $ 4 million, or Rs 30 cr, from Kimera in June last year, and a month later it had raised Rs 10 billion in debt financing from its current investor BlackSoil Capital. In the past, iNurture has also received funding from Bertelsmann India Investments, Ascent Capital and GVFL Ltd. collected.
The twelve-year-old company, which was founded by Ashwin Ajila, offers industry-relevant graduate degrees and courses in cooperation with recognized universities in India. It uses its industry connections to enable guest lectures, internships, industry tours, live projects, and job placement assistance.
As of July 2020, the company has partnered with over 35 universities across India, has over 50 programs on campus, and over 10,000 students take these courses.
iNurture has also partnered with global universities offering digital business, sports, luxury and hospitality management programs, including various courses in emerging technologies.
While iNurture said its sales exceeded Rs 150 cr in fiscal 20, documents filed by the company show that it had operating sales of Rs 79.67 cr for the fiscal year ending March 2020. The good news is that the company had optimized its efficiency and posted a profit of Rs 1,100 crore and an improved EBITDA margin of -12.05% in fiscal year from 19 to 8.06% in fiscal year 20 It should be noted that the losses for in fiscal 19 they were close to 11 billion rupees.