Sequoia India may invest $50 million in homegrown edtech startup

Sequoia India is reportedly planning to invest more than $50 million in K12 Techno Services, an edtech startup that provides a variety of services to educational institutions and also manages its own chain of schools.

According to a TechCrunch report on Tuesday, K12 Techno Services which has raised more than $75 million in previous rounds and also engaged with TPG and Accel decided to go with existing backer Sequoia India.

"The terms of the investment might change because the round has not yet concluded. It is unknown if any other investors, outside Sequoia, are participating in the round," the report said, citing sources.

In more than a dozen Indian locations, K12 Techno Services manages the network of Orchids - The International Schools.

It runs over 90 schools where it teaches a variety of from robotics to philosophy for an individual's "360-degree development."

Orchids has served over 75,000 students, according to its portal.

Through its subsidiary called Let's Eduvate, it also provides an integrated curriculum, a platform for online classrooms, and other school management applications to over 300 schools.

Another subsidiary of K12, Sparkle Box, sells child-oriented activity kits through its e-commerce store.

K12 and Sequoia India both declined to comment, according to the report.

Sequoia earlier backed Byju's, Unacademy and Doubtnut. In addition, it is an investor in Eruditus, a company that provides higher education in dozens of countries.

Click Here For Latest Updates On Stock Market | Zee Business Live