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James Murdoch, Uday Shankar-backed Bodhi Tree to invest USD 600 mln in Allen Career Institute

Bodhi Tree to invest USD 600 mln in Allen Career Institute

Business

James Murdoch, Uday Shankar-backed Bodhi Tree to invest USD 600 mln in Allen Career Institute

James Murdoch and Uday Shankar-backed Bodhi Tree Systems has announced that it will invest USD 600 million in Kota-based ALLEN Career Institute. ALLEN offers preparatory courses for JEE , pre-medical (NEET-UG), Pre-Nurture, and career foundation with a pan-India footprint and a growing presence in West Asia.




A statement issued by the two entities, however, did not mention the quantum of the stake purchase. “ALLEN’s partnership with Bodhi Tree Systems will build further on the test-prep offering and deliver at-scale positive impact for millions of students in test-prep and K12 segments, using technology as the core driver of value,” said a press statement.

The investment by Bodhi Tree will help scale the company and it will leverage digital technology to improve learning outcomes for students in test-prep and K12 segments in India and beyond, the statement said. The transaction is expected to close within three months and is subject to closing conditions and requisite approvals.

Founded by Rajesh Maheshwari in 1988, ALLEN is a test prep brand that provides offline, digital and distance courses for IIT JEE, AIPMT, NEET-UG, KVPY, and the Olympiads.


Also Read: Turtlemint raises $120 million as valuation tops $900 million


Meanwhile, Bodhi Tree Systems will leverage its founders’ shared track record of building consumer businesses to build Allen into a digital education business of the future. Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems. “Allen’s unrivaled success and scale provide the right foundation to build the digital education company of the future. We are excited to work with the Maheshwari family to build an outcomes-focused digital education company,” James Murdoch said.


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