Private Equity

Other Private Equity/Strategic Investments

Unacademy, Sofina eye investment in school chain Orchids

Economic Times  

Edtech major Unacademy is in talks to buy a significant stake in Sequoia Capital-backed K12 Techno Services, which runs the Orchids International chain of schools, for USD 25-30 million. K12 is also backed by Sofina, making the Belgian investment fund and Sequoia Capital, common investors in both the companies. Sequoia is likely to exit Orchid through this transaction. Sofina will invest along with Unacademy in K12, and the current management will continue to own a minority stake and run the business. Unacademy's move to back a school chain is a part of its plan to start offering K-12 education on its platform. K12 Techno Services provides academic support, services and technology solutions to 37 schools in India across six cities. In 2016, the promoters exited the company and it was acquired by Sequoia Capital India, which now holds a 64% stake, while Navneet Learning LLP owns the remaining 36%, according to a Care Ratings press release from March 2021.