By Manish Singh
Blackstone is acquiring a majority stake in Bangalore and San Francisco-headquartered edtech startup Simplilearn for $250 million.
Simplilearn operates an eponymous online bootcamp to help people learn data science, AI, machine learning, cloud computing and other skills that are in demand in the market.
The startup has partnerships with several universities and colleges including IIT Kanpur, Caltech, and Purdue University and students enrolling and completing these courses get a certificate from these institutes.
The 11-year-old startup, which runs 1,000 live classes each month, says it has helped over 2 million professionals and 2,000 companies including Facebook, Microsoft, Amazon across 150 countries.
The startup, which was last valued at $80 million in its 2016 Series C funding round, counts Brand Capital, Kalaari Capital, Helion Venture Partners, and Mayfield among its early backers. It had raised about $34.4 million prior to today’s deal, according to insight platform Tracxn.
Kalaari Capital, Helion Venture Partners and Mayfield Fund have taken exit as part of the new transaction but the leadership team of Simplilearn haven’t sold their stakes, according to a person familiar with the matter.
“The pandemic has only accelerated the need for digital skills and the industry has demonstrated absolute readiness for upskilling online. Hence, this is the …read more
Source: Tech Crunch