Serial Internet entrepreneur Krishnan Ganesh and wife have acquired Avagmah, an online school for working professionals.
They are also close to investing more than $16 million to scale up this venture together with VC firm Capital18. Meena Ganesh and Sarbvir Singh of Capital18 have joined Avagmah’s board as directors.
Founded in 2008 Bangalore-based Avagmah, which means intelligence in Sanskrit, claims to be the fastest growing online education company in India. The company has developed a platform that allows international universities to bring their courses and degree programs online.
Avagmah has seen more than 6,000 learners in the Indian market so far and ha bagged orders worth $4 million.
Avagmah now wants to extend the course offer and grow beyond India in the “wider Asia region” according to founder and CEO Karthik K S. Ganesh who calls the adult education market “a billion dollar opportunity” tells the Economic Times working professionals and online users were the main drivers here.
Similarities with US online degree program facilitator 2U, also founded in 2008 and IPO’d in February 2014, are apparent. However, Avagmah solely focuses on working professionals at this point.
Ganesh, who has already exited four of the eight companies total he founded and co-founded, is no newcomer to the education market. He founded online tutoring company for K-12 students TutorVista in 2005 which had secured close to $81 million in Venture funding from Sequoia Capital, Silicon Valley Bank, Lightspeed Venture Partners and Pearson before it got acquired by Pearson in early 2013.
- Serial entrepreneur K Ganesh buys online education venture Avagmah | Economic Times
- TutorVista founders K Ganesh & Meena Ganesh acquire e-learning venture avagmah | VCCircle
- 800 Pound Gorilla? Pearson acquires TutorVista | Kirsten Winkler
- Pearson acquires whole of TutorVista | live mint
- HEDLINE: 2U IPO – Stock up 7.5 Percent on first Trading Day | EDUKWEST