DealTracker - Everonn Raises Rs. 94 Crore In Second Round
In its second round of funding, Chennai-based e-learning company Everonn Systems India has raised Rs 94 crore from a fund of Blackstone Group, New Vernon Private Equity and Deutsche Securities according to VCCircle. The promoters of the company have also subscribed for warrants worth Rs 50 crore, taking the total investment to Rs 144 crore.
Everonn had earlier received $3-million funding from Mauritius-based India China Pre IPO Equity (Mauritius) Ltd., a company managed by ST Asset Management of Singapore.
The publicly listed Everonn is a proxy for Educomp Solutions, which gave multi-bagger returns to investor Gaja Capital Partners. Private equity funds have been on a hunt for companies in the same space as Educomp.
Everonn said in an announcement that they would use the funds to invest in three areas. (a) ICT Business — introducing computer education in government schools, (b) setting up virtual classrooms which will increase to 700 colleges across the country from the present 250 and (c) set-up i-Schools which will have content from virtual classrooms plus content on intranet.
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