Tree House Education and Accessories Pvt. Ltd, a Mumbai-based education company in pre-school to K-12 segment, has raised Rs 40 crore in series B round of funding.
Foundation Capital, a US-based early stage fund, has led the round, and is also joined by the existing investor Matrix Partners India. With the latest round, the total venture funding has now touched Rs 100 crore with Foundation Capital putting in Rs 31 crore and Matrix Partners India's total investment in the firm at Rs 59 crore overall. The balance investment has been made by the promoters.
The quantum of stake picked up by the funds in the company was not disclosed.
Ashu Garg, Partner, Foundation Capital, will join the board of Tree House Education. Rishi Navani, co-founder & MD of Matrix Partners India, is already a board member of Tree House.
For Foundation Capital, the investment follows its recent funding in Aspire Human Capital Management Pvt Ltd, a Gurgaon-based education services firm. The fund led a $4.5-million (around Rs 20.2 crore) round in Aspire a couple of days back.
Since January 2010, the education sector in India witnessed Rs 624.75 crore investments across eight deals. Of these, six were in PE, while the rest were in VC stage.
Tree House runs its schools though company owned and franchise formats. It currently has 135 pre schools, and has school management contracts for 12 K-12 schools nationally.
Rajesh Bhatia, chairman & MD, Tree House Education, said, in the statement, “Foundation Capital and Matrix Partners India bring to the table a team of highly professional investors who along with the management team at Tree House will take the company to greater heights.”
“Treehouse is transforming education in India and is poised to become the market leader in providing pre-school and K-12 education,” Garg said, in the statement.