Mumbai: Education services provider Nspira Management Services Pvt. Ltd has raised $75 million in a round led by Morgan Stanley Private Equity Asia and Banyan Tree Growth Capital II, the company said.
As part of the transaction, a fund managed by Morgan Stanley has invested about $67 million of primary capital into the company for a minority stake.
The proceeds will be used to fund the company’s organic and inorganic growth plans. “We will be deploying the funds to scale our business geographically, increase our client base, develop cutting-edge education products, modernise our facilities and scale our digital business,” said Puneet Kothapa, managing director, Nspira. “We will also opportunistically evaluate inorganic opportunities that are synergistic with our core business and help us diversify our offerings.”
Financial services firm Anand Rathi acted as the sole financial advisor to Nspira for this transaction.
Nspira provides end-to-end services to over 500 educational institutions with a student base of close to 400,000 across 13 states in India. It designs and curates curriculum and examination content, including digital content for schools and colleges. It also provides admission, infrastructure management, procurement, catering, transportation and hostel management services, besides SaaS solutions, including ERPs, HR and CRM, to large groups.
“Education service is one of the core focus sectors for Morgan Stanley across Asia. We believe private education in India is poised for a strong growth phase. Nspira is a leading player in the sector and has been instrumental in supporting the delivery of quality education to the masses at affordable prices,” said Nirav Mehta, managing director of Morgan Stanley Private Equity Asia in India.