PE Frim Neev Fund backs Lucknow-based Mahendra Educational

Private equity firm Neev Fund has invested an undisclosed amount in Mahendra Educational Pvt. Ltd, the PE firm said.

Backed by State Bank of India and UK’s Department for International Development Neev Fund has invested Rs 50 crore ($7.7 million) in the Lucknow-based company.

Mahendra Educational helps job aspirants prepare for competitive examinations at both the central and state levels. It is also a training partner to National Skill Development Corporation and offers vocational courses.

The raised money will be used to set up skill development centres across eight states, including Uttar Pradesh, Rajasthan, Madhya Pradesh, Bihar, Odisha, Jharkhand, West Bengal and Chhattisgarh, according to the press note issued by Neev Fund.

Mahendra Educational managing director Naveen Kumar Jain said the company will deploy the capital in skill development centres and “significantly contribute to the sustainable development of these regions”.

Incorporated in 2008, the company is promoted by Jain and Shikha Jain. It operates close to 135 coaching units and 19 skill development centres. The coaching institutes operate under the Mahendra’s brand.

Economic Laws Practice was the legal adviser to Neev fund on this transaction.