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Blackstone acquires a majority stake in Bangalore and San Francisco-based start-up Simplilearn for $ 250 million.
Simplilearn operates an eponymous online bootcamp to help people learn data science, AI, machine learning, cloud computing, and other marketable skills.
The startup has partnered with several universities and colleges, including IIT Kanpur, Caltech, and Purdue University, and students who enroll and complete these courses earn a certificate from these institutes.
The 11-year-old startup, which runs 1,000 live classes every month, says it has helped more than 2 million professionals and 2,000 businesses, including Facebook, Microsoft and Amazon in 150 countries.
The startup, which was last valued at $ 80 million in its 2016 Series C funding round, counts Brand Capital, Kalaari Capital, Helion Venture Partners and Mayfield among its top backers. He had raised around $ 34.4 million before today’s deal, according to analytics platform Tracxn.
Kalaari Capital, Helion Venture Partners and Mayfield Fund have pulled out as part of the new deal, but Simplilearn’s management team has not sold its shares, according to a person familiar with the matter.
“The pandemic has only accelerated the need for digital skills and the industry has demonstrated that it is absolutely ready to upgrade online. So now is the best time to take the next big step on our journey to building the world’s largest digital skills company, ”said Krishna Kumar, Founder and CEO of Simplilearn, in a statement.
“We believe that Blackstone can add significant value to our business because of its scale, its commitment to building businesses and its global network, which will allow us to develop partnerships with businesses and universities as Simplilearn continues. to develop in the world.
The acquisition comes months after Blackstone-backed Aakash Education Services, which operates coaching centers across the country, was acquired by Byju’s – India’s most valuable startup – for nearly $ 1 billion . Blackstone has since also invested in Byju’s.
“This is Blackstone’s first private equity investment in Asia in a consumer technology company. […] We are excited to partner with Krishna Kumar and Simplilearn’s premier leadership team to accelerate growth and build the world’s largest digital learning company, and we hope this will be the first of many investments from this guy in Asia, ”Amit Dixit, Asia director for Blackstone, said in a statement.
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