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Coaching institute Allen in talks with Lupa Systems to raise funds at over $1-B valuation

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Kota, Rajasthan-based Allen Career Institute is in late-stage talks to raise a large round from Lupa Systems — the investment firm of James Murdoch. Lupa is likely to pick a 30-35% stake in Allen at a valuation close to USD 1.2 billion. The terms of the deal are finalised and the transaction could be announced in a few weeks from now. If the deal goes through, Allen would probably be the first unicorn from the offline coaching space. According to this person, Allen has closed the last fiscal with a revenue of around INR 2,500 crore. The company provides offline, digital and distance courses for IIT JEE, AIPMT, etc. It claims to have around 2 lakh students enrolled in its classroom programme across 36 centres.