This is in addition to the undisclosed amount of equity capital that the company is raising from its existing investors.
Provider of higher education programs in India, the startup said it will use the funds primarily to accelerate its digital higher education platform and meet its working capital requirements, said iNurture in a statement issued on Tuesday.
This is the second time that Mumbai based new-age venture debt platform Blacksoil Capital has infused capital in iNurture. It had invested in the firm in April 2017.
Elaborating on the current situation, iNurture founder & MD Ashwin Ajila said, “The Covid-19 pandemic offers us an opportunity to support our partners and engage with undergraduate and postgraduate students digitally and make them career ready within the confines of their homes. Our management team as well as industry and university partners will help us to scale faster than the market through its unique curriculum design and digital readiness.”
Founded in 2009, by Ashwin Ajila, iNurture is a pioneer in providing graduation and post graduation degree programs in partnership with industry and recognized universities in India. It has partnered with 35 plus universities across India, delivers over 50 programs on campus and has 10,000 plus students enrolled in these courses. Its higher education focused online platform is being used by more than 300,000 students.
So far, iNurture has raised Rs 200 crore equity from marquee investors like Ascent Capital, Bertelsmann, Ventureast and Kimera, a Dubai based family office.
With universities being compelled to shift classes online, “we will support iNurture to help deliver the much-needed courses online through their strong digital platform,” Ankur Bansal, co-founder and director, BlackSoil, added.
Blacksoil’s alternative credit platform has till date concluded over 40 transactions by deploying more than Rs 400 crore to VC backed growth companies in the past four years.