TeamLease acquires 40% stake in Schoolguru for Rs13 crore

The purchase of additional stake by TeamLease is linked to Schoolguru’s future performance and meeting its milestones.

The purchase of additional stake by TeamLease is linked to Schoolguru’s future performance and meeting its milestones.

New Delhi: Staffing services firm TeamLease Services on Wednesday said it has acquired 40% stake in online learning company Schoolguru Eduserve Pvt Ltd for Rs13.53 crore, a move that will accelerate TeamLease’s employability strategy.

Both the companies have signed a definitive agreement to this effect. “TeamLease’s infusion of Rs13.53 crore into the company (Schoolguru) will be primarily used to expand its business into new geographies, strengthen existing technology and content library, and innovate in new forms of delivery,” the company said in a regulatory filing.

The transaction involves purchase of both primary as well as secondary shares of the company through a structured deal. The purchase of additional stake by TeamLease is linked to the company’s future performance and meeting its milestones, it added.

“We began talks to be a customer for TeamLease Skills University but quickly realised that with some investments Schoolguru could emerge as important platform to accelerate our employability strategy,” TeamLease Services Managing Director Ashok Reddy said.

The transaction will be subject to customary closing conditions and regulatory approvals and is expected to close before the end of November 2017. Schoolguru will continue to operate as a separate and independent entity.

“This partnership with TeamLease helps us in two ways; one is pursuing our vision of technology enabled employable education and second is creating new forms of blended learning that combine our platform with on-thejob-learning,” Schoolguru CEO Shantanu Rooj said.

Schoolguru was founded in 2012 by Shantanu Rooj, Ravi Rangan and Anil Bhat. The company partners 18 Indian universities to help them provide premium online and virtual courses for their students. It services 70,000 students. The company has a library of 45 undergraduate courses and 30 masters courses with a total of over 5,00,000 minutes of video content.


Black Friday Deal Offers Dropbox Pro Subscription at 40 Percent Off, Free $25 Dell Gift Card

Black Friday Deal Offers Dropbox Pro Subscription at 40 Percent Off, Free $25 Dell Gift Card
Dropbox Pro 1TB annual subscription costs $99
Under this deal, you can get it for just $59.99 for a year
Dell will also give you a $25 eGift card for online purchases
Following the Thanksgiving Day in the US, comes Black Friday, bearing plethora of offers and discounted deals for the buyers. While Black Friday is over in the US, a lot of companies are still offering various discounts and freebies. Amid many Black Friday deals, Dropbox is also offering a good discount on its Pro plan, which comes with 1TB of storage. Additionally, you can also get a free Dell gift card to further sweeten the deal.

Dropbox is one of the highly utilised cloud storage services worldwide. The Dropbox Pro subscription generally costs $99 (roughly Rs. 6,800) annually for 1TB of cloud storage, whereas the monthly bill cycle incurs $9.99 per month. This Black Friday, Dropbox is giving 1TB of backup cloud space at just $59.99 for 1 year. It is worth mentioning that the Dropbox Pro subscriptions are only for a single user, but you can use its sharing tools for file-sharing to give read-only access to others. Pro accounts also come with unlimited file recovery and version history, which means you can go back to any version of the file in the past. Free users can only go back 30 days.

The Dropbox deal is available via Dell, which is also offering a $25 (roughly Rs. 1,700) Dell Promo eGift card along with the Dropbox deal. This eGift coupon will be automatically added to your cart when you’re about to check out to purchase Dropbox Pro 1TB storage. This eGift card can be used to Dell accessories like keyboards, mice, gaming consoles etc. or can be used to make partial payment towards a bigger purchase.

If you’re looking for a good cloud storage solution, then this deal is too good to be missed. For all other deals and offers, you can check our compilation of Black Friday deals. If you are based in India and want to grab Black Friday deals, fret not as we have got you covered in our simple guide on how you can purchase and import your items straight from the US.

Tags: Black Friday, Black Friday Deals, Dropbox Pro, Dropbox, Dell, Internet


Wow Momo to set up 40 more outlets across seven cities by March 2017

Capex for a Wow Momo QSR outlet is <span class='WebRupee'>Rs.</span>12-30 lakh and that of the restaurant is almost <span class='WebRupee'>Rs.</span>35 lakh.

Capex for a Wow Momo QSR outlet is Rs.12-30 lakh and that of the restaurant is almost Rs.35 lakh.

New Delhi: Wow Momo, a quick service restaurant (QSR) chain which sells different versions of Tibetan dumplings, is planning to open over 40 outlets by March 2017 as it looks to strengthen its presence beyond its key market, Kolkata.

Besides Kolkata, Wow Momo Foods Pvt Ltd operates in seven cities including Delhi, Bengaluru, Chennai, Kochi, Noida and Pune with 64 outlets.

Delhi which currently has seven outlets will have at least 25-30 of the new outlets. The rest would be planned across the five cities. These would include a mix of kiosks and quick service restaurants.

“We are not looking at any new cities right now but growing in the cities where we are present. We have achieved huge success in Kolkata, we want to replicate that in Delhi NCR (national capital region) and grow more in Bangalore, Chennai and other markets,” said Sagar Daryani, co-founder and chief executive officer.

He added that capex for a QSR outlet is Rs.12-30 lakh and that of the restaurant is almost Rs.35 lakh.

The company is also looking to raise $15-20 million by September for its expansion.

Wow Momo, which recently set up its own delivery fleet in Kolkata, will bring delivery services to Delhi by April. It claims to be getting 10% of its business from delivery, 40% from takeaway and the rest from dine-ins. The target is to have 40% business from delivery by March 2017.

“Delivery is important as it will help us reach a much wider target audience,” said Daryani. The company is doing 170-200 deliveries per day with an average ticket size of Rs.215 and a fleet of 40 bikes and 50 riders. It plans to double this number by September 2016.

Founded in 2008, by Daryani and Binod Homagai, the company offers 12 flavours of momos across different variants including steamed, fried, pan-fried, sizzler, and baked.

It sells 150,000 momos per day with 60,000 being sold only in Kolkata.

According to a Technopak Advisory report, the QSR category is growing at a compounded annual growth rate of 25% and is expected to reach Rs.16,785 crore by 2018.

According to the company, it raised Rs.10 crore at a valuation of Rs.100 crore in a round led by Sanjeev Bikhchandani, founder and executive vice-chairman of Info Edge on behalf of Indian Angel Network in August.

The company, which operates at a gross margin of 48-55%, is looking to close the financial year with revenue of Rs.32 crore. It reported Rs.20 crore revenue during 2014-15.