Avigo Capital, Matrix Partners invest $18.7M in Maharana Infrastructure & Professional Services
Avigo Capital and Matrix Partners India have put in Rs 100 crore ($18.7 million) in Maharana Infrastructure & Professional Services Pvt Ltd (MIPS), a diversified firm engaged in services related to infrastructure development and consultancy for educational institutions.
As part of the Series B investment, Avigo Capital will invest Rs 80 crore while Matrix Partners India will put in another Rs 20 crore. The funds will be used to offer infrastructure services and facilities management services to educational institutes. VCCircle first reported the transaction on Jan 17.
Mid-market investment bank o3 Capital was the advisor to the transaction.
This is the second round of funding for MIPS. In April 2011, the company received Series A investment of Rs 50 crore from Matrix Partners India. MIPS provides a wide range of services spanning curriculum support, student placements, marketing, HR consulting and infrastructure services to various educational institutions in northern India.
“The company is also targeting to capitalise on vast opportunities in skills development through the emerging PPP (public private partnership) route,” said Shailendra Bhadauria, chairman and managing director of MIPS.
“MIPS is the largest service provider in northern India and currently caters to more than 10,000 students across 16 institutions including a multidisciplinary university in Jaipur. We would like to see it become a national player over the next few years,” said S Harikrishnan, MD of Avigo Capital.
“We continue to believe in India’s education services sector and look to partner with companies having innovative business models,” said Amit Kapoor, MD at Matrix Partners India.
MIPS is part of the group behind Kanpur-based Maharana Pratap Group of Institutions (MPGI), running a string of higher education institutes. The group has 10 campuses in northern India, with presence across the education value chain. It has recently set up Pratap University near Jaipur – a private university offering multiple disciplines and courses.
Education and ancillary services firms have been attracting a lot of interest from PE firms. Recently, in a similar deal, IDFC Alternatives invested Rs 100 crore in Manipal Servicecorp Facility Management Pvt Ltd, which offers housekeeping, catering and related services to hostels run by universities and other institutes.
The education services space witnessed 38 deals worth $142 million in 2012, according to VCCEdge, the data research platform of VCCircle.
(Edited by Sanghamitra Mandal)
Avigo Capital Partners Pvt. Ltd. is a private equity firm with over $365 million assets under management. It provides growth capital for acquisitions and buyouts to SME companies in the industrial sector in India. The firm seeks to invest in engineering and manufacturing, infrastructure, education, media, healthcare and industrial service sectors. The firm seeks to invest between $5 million and $20 million in its portfolio companies. The company was founded in 2003 and is based in New Delhi, India.
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Matrix India Asset Advisors Pvt. Ltd. is a venture capital firm with $600 million assets under management. It provides early, expansion and growth stage capital to companies operating in India. The firm seeks to invest in technology, media and entertainment, healthcare, consumer, retail, finance, education and hospitality sectors. It typically invests between $0.5 million and $30 million in its portfolio companies. The company was founded in 2006 and is based in Mumbai, Maharashtra with additional office in Bengaluru.
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Maharana Infrastructure and Professional Services Ltd. is engaged providing consultancy services. It offers infrastructure development, human resource (HR) consultancy, information technology (IT) consulting and marketing services. The firm serves government sector and universities, education houses and institutions. The company was founded in 2009 and is based in Noida, Uttar Pradesh. Maharana Infrastructure and Professional Services Pvt. Ltd. operates as a subsidiary of Maharana Constructions Pvt. Ltd.