JOIN USWith this deal, Pearson enhances its equity in TutorVista to 76 per cent, while it had picked up around 17 per cent stake in TutorVista in June 2009.
Total investment
In all, it has invested a total of around $139 million in the 6-year-old online tutoring firm, which is currently valued at about Rs 1,000 crore ($215.24 million).
The company, founded by serial entrepreneur K Ganesh, had attracted interest from a host of private equity majors in round where it was expected to raise $50 million. TutorVista had already raised $38 million in its round of venture funding from investors like Sequoia Capital India and Lightspeed venture partners. Later, it also managed to attract strategic investors like Manipal Education and Medical Group (MEMG) besides Pearson. These investors hold 55 per cent stake in TutorVista while Ganesh and his management with stock options hold the rest.
Founded in 2005, TutorVista has gradually expanded its presence across the value chain. It provides digital content and technology platforms to private and government schools under long term contracts currently serving 3,300 classrooms.
Its online tutoring business reaches 10,000 students per month. TutorVista also has test preparation and tuition business, where it operates a network of 60 centres, the company said.