Spice Mobility Ltd (formerly S Mobility), through its subsidiary Spice Digital Ltd, has acquired 22.54 per cent stake in an education company Sunstone Eduversity Pvt Ltd, for an undisclosed amount.
The firm that was incorporated two months ago would have an asset-light business model where it would get into long-term arrangements with existing institutions to manage the academic side of the business, as per a disclosure.
Sunstone Eduversity is an offline education startup floated by Rajul Garg, co-founder of offshore R&D venture GlobalLogic that was acquired by Apax Partners two years ago, among others. The promoters are also behind another associated venture Anytime Learning Pvt Ltd, which operates in the online education space as Sunstone Business School and Common Job Test.
Spice Mobility had previously also picked 38.53 per cent stake in this online education firm.
Four years ago Dilip Modi, a part of the promoter family of Spice Group, had made a personal investment in Anytime Learning. Modi is also the chairman at Sunstone Eduversity.
