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S Chand sells complete stake of iNeuron to PhysicsWallah

The stake is sold for a consideration of Rs 14 crore.

S Chand sells complete stake of iNeuron to PhysicsWallah
Mukesh Sharma Family Trust would be exiting their investment in iNeuron Intelligence Private Limited.

S Chand and Company Limited plans to sell its entire stake of  iNeuron Intelligence Private Limited, an edtech focused on artificial intelligence (AI) and data sciences to Physicswallah for a consideration of  Rs 14 crores, an official statement said. Furthermore, its co-investors, Mukesh Sharma Family Trust would be exiting their investment in iNeuron Intelligence Private Limited.

According to the statement, with a return of  over 2x on the original investment of approximate Rs 7 crores in December 2021, this is the second recent exit for S Chand  and Company Limited from  its various edtech investments on back of the  recently concluded exit in Testbook with an estimated 8x return on investment in July, 2022.

In addition, S Chand along with its wholly owned subsidiaries Vikas Publishing and Chhaya Prakashani had acquired a minority stake in iNeuron Intelligence Private Limited in December 2021 in two tranches. It completed its second tranche of investment in September 2022. Both the companies have agreed to collaborate and work together on university collaborations.

“The transaction enables us to monetise our edtech investments at an attractive valuation and provides opportunities to explore future investments that align with our growth strategies. We are focused on developing our own solutions and channels of interactive learning for K-12, test prep and college and will be launching newer initiatives and content,” Saurabh Mittal, CFO,  S Chand and Company Limited said.

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First published on: 22-12-2022 at 04:50:00 pm