iProf Learning Solutions Private Limited has raised Rs. 22 crore ($5 million) in a series of funding from PE firms such as Norwest Venture Partners and IDG Ventures India LLC (IDGVI)..Narasappa, Doraswamy & Raja advised iProf Learning Solutions Limited with Partner Siddharth Raja alond with Senior Associate Neela Badami..Speaking with Bar & Bench on the transaction, Siddharth Raja said, “Pleasure to work with a company which is in a unique pioneering space in educational sector in India. It was an investment targeting distance learning courses purely based on the growing test preparation market in India”..Trilegal advised the investors Norwest and IDGVI with a team led by Partner Kosturi Ghosh and Senior Associate Udayarkar Rangarajan..VCCircle reports that the capital will be used to expand iProf’s e-learning centres (iProf iStudy Zones) in metros and tier II and tier III cities throughout India and abroad. Besides, it will also launch a large number of new iProf products with partnerships with professors..Recently, the education sector in India has been receiving tremendous activity. TeamLease in April raised Rs. 100 crore to fund its education expansion and in January 2011, Educomp entered into a JV with Zeebo and Lakshya to sell and distribute products relating to wireless education.
