Frameboxx gets $10 m equity boost

Written by Pritha Mitra Dasgupta | Mumbai, Mar 28 | Updated: Mar 30 2008, 05:13am hrs
Manmohan Shetty, ex-CEO of Adlabs, and Chandir Gidwani of Centaur Capital have together acquired majority 51% stake in Frameboxx, the three-month old animation-training brand. According to industry sources, the deal is in the region of $10 million.

Speaking to FE, Rajesh Turakhia, managing director, Frameboxx, said, My expertise was always in training and I was planning this venture since November last year. Currently, we have around 22 centres across India and in the next two months the number will go up to 40. By mid-2009, we should ideally have 60 centres. In the initial phase, we have made an investment of about Rs 5 crore and each centre requires a capital of Rs 1.5 crore. With new funds coming in, Frameboxx is poised for a healthy growth. Frameboxx has two primary courses - Red Boxx, which is a 12-month diploma course and Green Boxx, a six months diploma course.

The fees for the two courses range between Rs 50,000 and Rs 1,25,000. The company is entering into an agreement with HDFC Bank for facilitating student loans. There will also be a studio-like division under Frameboxx called Incubation. Under this, the company will hire professionals from the animation industry who will pick up around 50 meritorious students from each batch. These students will work on professional animation projects and in turn get a stipend from Frameboxx for four to five months.