Staffing firm TeamLease Services Ltd will acquire close to 40% stake in Mumbai-based education technology startup Schoolguru for Rs 13.5 crore (about $2 million), it said in a stock-exchange filing.
Schoolguru will continue to operate as a separate entity following the transaction, the filing said.
Schoolguru, run by Schoolguru Eduserve Pvt. Ltd, is a technology-led academic services firm founded in 2012 by Shantanu Rooj, Ravi Rangan and Anil Bhat. Rooj, the company's CEO, is an IIM Calcutta alumnus while Rangan and Bhat are from BITS Pilani and MS University, respectively. All three were working with IT service management company Glodyne Technoserve prior to starting up.
Schoolguru, which partners universities to provide online courses for students, has grown into a team of more than 125 employees spread across 11 locations.
In February, VCCircle reported that it had raised a bridge round from some of its existing investors.
In October 2015, it had raised $3 million in a Series A round from family offices of affluent individual investors based in India and the US.
TeamLease has been on an acquisition spree of late.
In May, it agreed to acquire 30% stake in Bangalore-based Cassius Technologies Pvt. Ltd, which runs job site Freshersworld, in an all-cash deal.
In January, it agreed to acquire Bangalore-based Keystone Business Solutions Pvt. Ltd to strengthen its information technology staffing vertical.