Genext Students Pvt Ltd, a Mumbai-based edtech company, said it has raised an undisclosed amount from educational content provider Navneet Education Ltd (NEL).
With the round of funding, Navneet Tech Ventures Pvt Ltd, which is the wholly-owned subsidiary of NEL, has acquired a 51.8% stake in Genext.
“Having already raised a couple of funding rounds, we have been seeking strategic partners that would not only provide us with financial support but also deeply understand the education space and offer strategic support,’’ said Ali Asgar Kagzi, co-founder of Genext.
“With the fresh funding, Genext plans to create tech products for the teacher community, strengthen the tech ecosystem and expand its reach,” he added.
Genext provides live online classes for students of grades 5-12.
NEL said it has a network of over 50,000 schools and institutes, five lakh tutors and more than one crore students.
Previously, Navneet Tech Ventures had led a Rs 6.5 crore (about $884,000) seed financing round in Jaipur-based edtech startup Tinkerly.
