Private equity major Blackstone said it has agreed to acquire a controlling stake in edtech startup Simplilearn and will invest $250 million in the company as part of the deal.Early investors Kalaari Capital , Helion Ventures and Mayfield Fund will exit the firm while Krishna Kumar, founder and chief executive, will stay on to run the operations. “We believe Blackstone can add significant value to our company because of their scale, commitment to building businesses, and global network. This will enable us to develop partnerships with businesses and universities as Simplilearn continues to expand around the world.”Amit Dixit, head of Asia for Blackstone Private Equity, said, “This is Blackstone’s first private equity investment in Asia in a consumer technology company. The company has raised $28 million so far from Kalaari Capital, Helion Venture Partners and Mayfield Fund. Last week, edtech startup Vedantu said it acquired a majority stake in AI-enabled personalised learning platform Pedagogy .

Source: Economic Times July 19, 2021 09:45 UTC