Navneet Education to acquire stake in edtech company Genext Students
Navneet Education Limited said that its fully-owned subsidiary – Navneet Tech Ventures Private Limited has signed an agreement to acquire a stake of 51.80% in Genext Students Private Limited for about INR 58.5 million ($0.79 million) from Sat Industries Limited.
Incorporated in 2011, Genext Students Private Limited is an Indian education technology company, which offers full stack edtech solutions. The Mumbai-based company provides live online classes for students of classes 5‐12, covering all important subjects such as Science, Maths, Social Science and languages – Hindi and English of the national and few state boards in India.
Navneet Education to acquire stake in edtech company Genext Students. Image courtesy of Tumisu from Pixabay.
Navneet Tech Ventures will acquire 5,12,528 ordinary equity shares, 4,80,414 Class A equity shares from the existing shareholders and 17,91,391 Class A equity shares in the Indian edtech company in an all-cash deal.
The Mumbai-based Navneet Education Limited said that the deal will help in giving its subsidiary a stronger platform for entering into the various facets of education such as digital learning.