Aims to expand its presence in 30 cities within the next 5 years
Mumbai, December 2019: Smart Institute, a part of The Shahani Group, one of India’s premier education groups, has raised USD 1.5 million from a group of HNI investors, family offices lead by ah! Ventures, as a part of its USD 30 million financing round. With this round, Smart Institute aims to expand its presence in 30 cities nationally within the next 5 years, with additional plans to invest in EdTech, through its EdTech platform application ask.CAREERS.
Smart Institute has renowned brands like Thadomal Shahani Centre For Management and Thadomal Shahani Centre For Media And Communication, and is primarily focused on the Indian EdTech market that is projected to reach USD 1.9 billion by 2021, growing at a CAGR of 49%. The company aims to use the fundraise to amplify the services of ask.CAREERS, and in turn, help candidates enhance their critical thinking, problem solving, and time management skills, whilst working closely with employers.
Akhil Shahani, Managing Director, The Shahani Group, said, “In light of the increased demand for job-ready professionals with detailed industry knowledge, students today are looking towards Smart classrooms, learning apps, on-the-go learning devices, and much more, to gain a competitive edge. The same has presented a huge opportunity for investors and entrepreneurs alike, culminating in our 30-city expansion plan. We expect to raise up to USD 15 million in the next 4-5 months, and reach a funding amount of USD 30 million by the end of 2020. This institutional funding into our company indicates increased confidence amongst investors of the scalability of our employability model that will lead to superior career outcomes for lakhs of students across our country.”
The Shahani Group has mandated European Boutique Investment Bank, IEG Investment Banking Group to assist with the fundraise. The fundraise will include local family offices, global institutional investors and global strategic players.
Mihir Kapoor, Managing Director, IEG India, said, “The global EdTech space is expected to reach USD 341 billion by the year 2025. Employability as a skill set is a huge focus going forward, and through its tech-based platform, Smart Institute, the Shahani Group is well positioned to capture and optimise this market.”
About Shahani Group:
Drawing upon its legacy of over a hundred years in the Indian education sector, the Shahani Group devotes itself to enhancing the careers of lakhs of students via its academic initiatives aimed at providing them with employment in diverse industry sectors. Helmed by Maya Shahani and Akhil Shahani, the Shahani Group is now in its fourth generation, and encompasses a new generation of institutions in areas of management, media, banking, real estate, digital marketing, and more. Along with commendable initiatives such as ask.CAREERS, Thadomal Shahani Centre for Management, Thadomal Shahani Centre for Media & Communication and Ask Talent Services, the Shahani clan has been instrumental in forming over 24 iconic colleges in Mumbai, such as Thadomal Shahani Engineering College, HR College, KC College, and National College, among others.
As a result, it has been widely recognised for its work in the sector, receiving a bevy of awards, including the CFBP Jamnalal Bajaj Award for Ethical Business Practices, the Clinton Global Initiative Award, and the CII Education Excellence Award. Operational in four cities, the Group also has an educational technology division and job placement division under its banner and runs several CSR initiatives aimed at providing education and healthcare for the under-privileged.