Staffing firm TeamLease Services today said it has completed the 40.2 per cent stake acquisition in online learning company Schoolguru Eduserve, a move that will accelerate TeamLease's employability strategy.
Accordingly, Schoolguru Eduserve becomes an associate company of TeamLease Services from today.
On November 8, TeamLease Services had announced the said stake acquisition in Schoolguru Eduserve for Rs 13.53 crore.
"All conditions precedent to closing have been fulfilled and acquisition of 40.2 per cent stake is completed. Pursuant to this Schoolguru becomes our Associate Company with effect from December 1, 2017," the company said in a regulatory filing today.
TeamLease Services had earlier said the infusion of Rs 13.53 crore into 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.
Schoolguru will continue to operate as a separate and independent entity.
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.Shares of the TeamLease Services were trading at Rs 2,215, up 0.12 per cent on BSE.