Helion Advisors has announced an investment of US$ 3.5 million in Vienova Education. This follows the first round of funding by Indian Angel Network (IAN) and others in 2008. With this investment, Sanjeev Aggarwal, Senior MD, Helion Advisors, joins the board of Vienova. Key Board members include Saurabh Srivastava, Co-Founder IAN, as well as an Angel Investor; and Rohit Chand, a serial entrepreneur, who started IIS-Infotech and Axis-IT&T.
"It is a privilege to have Helion, undoubtedly among the best VC firms in the country, to invest in us. We are lucky to have been supported and mentored by industry leaders such as Sanjeev Aggarwal, Raman Roy, Saurabh Srivastava and Jerry Rao, all well known for developing new Industry segments in India. We look forward to their continued valuable contributions to our growth," said Parikshit Jain, CEO, Vienova Education.
"By relying on innovative teaching practices and technologies, leading to huge customer traction, we aspire to quadruple our current content to over 20,000 hours by 2014. By cashing in on the strong customer demand from private sector schools, we shall continue our rapid growth and hope to achieve revenues of US$ 15 million by 2014," added Parikshit.
Announcing Helion's investment, Sanjeev Aggarwal said, "Education offers interesting opportunities, particularly in the mass market segment, for investors with a 5-10 year horizon. What's more, through Vienova, we are very excited about providing quality education alternatives to the next generation, the social impact it can have and the huge scale that businesses in the sector can achieve. Vienova has demonstrated an impressive understanding of the nuances of 'affordable quality education' in tier-2 and tier-3 cities and semi-urban areas. With this round of funding, Vienova looks well poised for the next phase of growth."
"In Vienova, IAN saw the high growth opportunity of building a venture, focused on the nation building area of education. We were impressed by the detailed execution plan from Parikshit and his team and it has played out well. IAN welcomes Helion's investment and the strategic insights that Sanjeev would bring to the table," said Saurabh Srivastava, co-founder, Indian Angel Network.
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