In what is touted as one of the biggest deal in the country’s education sector, Banyan Tree; Morgan Stanley’s Private Equity Firm has pumped in $75 million into NSPIRA Management Service Pvt. Ltd. The firm offers services and digital products in the education sector in India.
In a statement, the firm’s MD Puneet Kothapa said, “We will be deploying the funds to scale our business geographically, increase our client base, develop cutting-edge education products, modernize our facilities and scale up our digital business”.
NSPIRA client base expands to over 500 education institutions spread across 13 states. The company boasts of a student base of 400,000. This is the second biggest investment coming from an external investor, after Sequoia Capital and Sofina (Belgium) invested $200 million in Byju’s in 2016.
Another educational firm Manipal Global Education too raised $142 million from PremjiInvest.
Responding on the investment, Morgan Stanley’s PE MD Nirav Mehta told, “Education service is one of the core focus sectors for MSPEA across Asia. We believe private education in India is poised for a strong growth phase, driven by the large demand-supply gap for quality education as well as by increasing disposable incomes and urbanization”.