CL Educate, which owns coaching firm Career Launcher, has raised its stake in online program management company 361DM Learning & Education, making an additional investment of Rs 79 lakh in its associate company.
The all-cash deal takes CL’s stake in 361 Degree Minds, the parent of 361DM, to about 38.92% from 11.72% previously, it said in an exchange filing. Further, CL now also has the right to appoint majority directors on the board of 361DM and has hence assumed its control, according to the filing.
The company has appointed S. Sadagopan, founding director of IIIT Bangalore, on 361DM’s board as the non-executive chairman. Piyush Sharma, a professor at Curtin Business School, Curtin University, Australia, will also join 361DM’s board.
“CL Educate’s brand, network and experience would enable us to accelerate our growth under the guidance of Prof Sadagopan,” said P Ram Mohan, Director, 361 Degree Minds.
361DM offers online distance learning programmes to individuals, organizations and educational institutions by partnering with universities. It also helps the universities in curriculum adoption, outreach, enrolment, and delivery processes. The company’s annual turnover has declined in the last few years. It reported a turnover of Rs 2.12 crore in FY23, compared to Rs 3.14 crore in FY22.
“This is a decadal opportunity that will transform higher education and will also take Indian higher education to other parts of the world,” said CL Educate Chairman Satya Narayanan R.
CL Educate started operations in 1996 as a provider of MBA test preparation courses. It later diversified across the education value chain test preparation and training under the Career Launcher brand; publishing and content under GK Publications; K12 schools under the brand Indus World Schools with 10 schools across India; and vocational training programmes. It also owns marketing agency Kestone. CL Educate listed in March 2017.
