Bodhi Tree Systems, led by James Murdoch and Uday Shankar, is about to purchase a strategic stake in Kota-based Allen Career Institute for $600 million (round Rs 4,590 core). “The majority of the investment will be utilised for the company’s foray into ed-tech space, followed by expansion of offline centres both in India and overseas,” Keshav Maheshwari, managing director, Allen Career Institute stated.
The transaction is predicted to shut inside three months and is topic to closing circumstances and requisite approvals.
“Our partnership with Bodhi Tree will not only help us scale our Indian operations through technology but also fuel our growth journey in the Middle East,” Maheshwari added.
“USD 600 million investment by Bodhi Tree will help scale India’s biggest and most successful test-prep company, leverage digital technology to dramatically improve learning outcomes for students in India and beyond,” the assertion furthersaid.
Allen has a pan-India footprint with a rising presence in Middle East by means of 138 classroom facilities in 46 cities.
“Most of the ed-tech products and services in the market are currently not solving for the needs of a student. With Allen’s time-tested pedagogy and Bodhi Tree’s track record in technology, the two T’s – ‘Teaching’ and ‘Technology’, will now come together to finally solve the problems of millions of students of outcome-driven learning in a tech-enabled environment,” Allen Chairman-designate of the brand new board, Brajesh Maheshwari stated.
Bodhi Tree Systems is a newly shaped platform between Lupa Systems founder and CEO James Murdoch, son of media baron Rupert Murdoch, and Uday Shankar, the previous president of The Walt Disney Company Asia Pacific and former chairman of Star and Disney India. Bodhi Tree Systems will leverage its founders’ shared monitor report of constructing shopper companies to construct Allen right into a digital schooling enterprise of the longer term.
Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.
With inputs from PTI.
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Source: www.financialexpress.com”