Career Point Infosystems Ltd. (Career Point), one of India`s leading integrated education solutions provider, today announced that it has raised INR 500 million in equity capital from Franklin Templeton Private Equity Strategy (“FTPES”), one of the leading India-focussed Private Equity funds. o3 Capital was the sole advisor to Career Point for this transaction. Career Point intends to use the funds to set up state-of-the-art Private Universities in the states of Rajasthan and Himachal Pradesh and ramp up its K-12 offering – Global Public School. The company will also invest part of the capital to strengthen its existing coaching business where it has launched the unique Syncho School (VSAT enabled) and Knowledge Lab offerings. Established in 1993, by IIT-Delhi graduate Pramod Maheshwari, Career Point has established Kota, as the national preparation hub for engineering entrance aspirants. Career Point has built a national footprint with over 40 centers across the country with an annual student intake of over 30,000 students. It today provides coaching for IITJEE, AIEEE and AIPMT exams. Company also runs its flagship K-12 offering - `Global Public School` in Kota. Career Point is in the process of setting up `Career Point University` in the outskirts of Kota which will be a 30 acre state-of-the-art integrated campus to be operational from 2010. It has also received a LoI from the Government of Himachal Pradesh to set up a Private University in the state. Pramod Maheshwari, MD, Career Point, said, “We are pleased to partner with a marquee financial investor like Franklin Templeton and this infusion of equity will allow us to make long term investments for our foray into secondary and higher education. The reconstituted board along with FTPES would give us the right strategic guidance as we move into new business segments and geographies.“ Deepesh Garg, Director, o3 Capital, said, “India`s Private Education spending is estimated to be US$ 40 billion (2007) and it is projected to grow to US$ 70 billion by 2012 at a CAGR of 16%. Career Point has built a strong base for itself in the sector and the infusion from Franklin Templeton will help it capitalize on the tremendous opportunities presented to the private players. Its presence in multiple segments including entrance exam coaching, K-12 schools and higher education will help it deliver exponential growth and emerge as a dominant player in private education sector.”
