Career Power targets $10 mn in funds for further expansion in the education sector.
Coaching major Career Power has revealed that it will be hitting the market soon to raise as much as $10 mn to expand its presence in India.
Shedding light on the reasoning behind the move, Career Power says that what is driving the company to eye expansion is the great hunger in the Indian middle classes to educate their children and provide to them the skills to land jobs, especially government jobs.
The company says this demand has helped the coaching industry to become an over $23 billion industry and the possibilities are much higher.
“We have planned to raise $10 million. We will use the amount to strengthen our technology team, to enhance our online product portfolio and brand building”, explains Anil Nagar, Director and co-founder of Career Power.
According to Career Power, due to not just parental pressure, students too realise very early what they want to do and where the greatest opportunities lie. While private jobs are fine, what is really on their minds are government jobs and these require training, which brings coaching centres into play.
According to rough estimates, there will be around 1,00,000 vacancies each year in the government sector, despite a general slowdown in hiring. Currently, more than 1 crore candidates appear for government jobs.
Keeping this trend in mind, Career Power says it has planned to deploy the funds that it will raise in the institute’s infrastructure development. The institute owns and operates two online platforms sscadda.com and bankersadda.com.
Career Power’s revenue in 2014 was approximately Rs 10.5 crore and it is expecting a three-fold jump to nearly Rs 30 crore so far this year.
Detailing its success in the field, Career Power says more than 5,000 of its students have secured their place in government jobs.
Nagar explains the reason behind this by saying, “Career Power is the first professionally run company in the sector. We are a result-oriented company, laying a lot of emphasis on the quality of faculty and our results say it all.”
Elaborating on future plans, Nagar says that, in long term, he is working towards adding more government job test preparation categories to the ones that the institute is already offering. Among these are CTET, CSAT, NDS, CDS and Railways.