NSPIRA Management Services Pvt Ltd has raised Rs 400 crore (nearly $60 million) in a funding round led by Olympus Capital Asia Credit and CX Partners’ mezzanine fund.
The Hyderabad-based management services provider didn’t disclose the names of the other investors.
The company, launched in 2013, will use the money mainly for expansion to new regions and sectors, it said in a statement.
NSPIRA focuses mainly on educational institutions. It offers staffing, training, IT infrastructure, and sales and marketing services. It also manages catering and transport facilities, infrastructure solutions and administrative functions. The company has about 11,000 employees and has presence in eight states.
CX Partners’ mezzanine fund is led by former JP Morgan Chase principal Shishir Jain.
Last November, CX Partners invested in Agarwal Packers and Movers Ltd through its mezzanine investment fund CX Intermediate Capital Fund.
NSPIRA offers staffing, training, IT infrastructure and marketing services, among others
The debt fund raised $70 million in late 2013, almost a third of the original target. It has now deployed a quarter of its corpus.
The investment firm was also looking to hit the road for its second sector-agnostic PE fund. However, the firm is yet to formally announce any fund-raising milestone for it.
The firm has previously invested in healthcare firms Sutures India and Thyrocare, SIM card provider Matrix Cellular and electrical components maker NTL Electronics, among others, from its private-equity fund.
Olympus Capital Asia is a mid-market private equity firm. Last year, it exited its almost nine-year-old investment in Pune-based crane rental services provider Sanghvi Movers Ltd. Its India portfolio includes Quatrro Global Services Pvt Ltd and Vishwa Infrastructures and Services Pvt Ltd. In the past, it had invested and exited from HDFC Bank.
Anand Rathi Advisors acted as the exclusive advisor to NSPIRA for the transaction. Nishith Desai Associates was the company’s legal counsel while Khaitan & Co represented the investors.
This article has been updated with additional information related to the transaction.