Norwest, IDG Ventures invest Rs 22-cr in e-learning firm iProf

Noida-based e-learning company, iProf Learning Solutions, today said it has raised Rs 22-crore in Series A funding from Norwest Venture Partners (NVP) and IDG Ventures India (IDGVI).

PTI | April 20, 2011



Noida-based e-learning company, iProf Learning Solutions, today said it has raised Rs 22-crore in Series A funding from Norwest Venture Partners (NVP) and IDG Ventures India (IDGVI).

The funds will be used to fuel aggressive expansion of iProf's e-learning centers (iProf iStudy Zones) in metros and Tier II and III cities throughout India and abroad, as well as for bringing a large number of new iProf products to market by continued partnerships with the country's best professors, the company said in a statement.

NVP India's Executive Director, Mohan Kumar and IDGVI's Founder, Chairman & Managing Director, Sudhir Sethi, will join the Board of the company.

"India's test preparation market is expected to reach USD 1-billion in three-years. However, primary growth restraints to date have been the lack of strong teachers, the limited reach of classroom programs into Tier II and Tier III cities and the high price of classroom coaching for IIT/MBA courses," iProf Founder & CEO, Sanjay Purohit, said.

"To meet the needs of this growing market in India, iProf has created an innovative e-learning marketplace by which a large number of courses can be provided in extremely engaging and interactive formats at an affordable price to millions of students world-wide. This is available to even those students who don't have computer or Internet access," he said.

iProf Learning Solutions is an e-learning company and an operator of a chain of Wi-Fi-enabled e-learning centers pan- India. .
 

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