New Delhi: Mumbai-based
MT Educare has begun the process of spinning off its online education app
Robomate into a separate entity, and is holding discussions with multiple private equity and venture capital investors to raise capital for the venture. The education services company’s promoters have held early discussions with a number of investors including private equity firm New Silk Route and venture capital firm
Bertelsmann India Investments, two people with direct knowledge of the developments said.
Email questionnaires sent to MT Educare and New Silk Route did not elicit any response till the press time on Monday. Communications representatives of Pankaj Makkar, MD of Bertelsmann India Investments, said he was currently travelling, and was, therefore, unavailable to respond to queries. MT Educare is seeking a valuation of Rs 700-1,000 crore for Robomate, which competes with the likes of
Byju’s, according to the sources cited earlier.
The capital raised is likely to be used towards scaling up Robomate.
Last month,
ET had reported that MT Educare had held preliminary talks with a number of risk capital investors including,
Gaja Capital,
Lightspeed Ventures and Westbridge Capital Partners.