Gaja Capital-backed CL Educate Ltd has pumped in ₹8 crore ($1.2 million) into Chennai-based Threesixtyone Degree Minds (361DM), an education firm founded in 2006 by three classmates from BITS, Pilani.
The company already holds 4.43% stake in 361DM. The firm intends to use the funds to bring in more talent into the firm, come out with more innovative programmes and foray into Singapore and the U.S. markets.
“This is not just another funding that any firm receives. One can witness a huge change in the way adults are going to learn in the next 10 years and that’s the market we are focussing on,” said C. P. Gopinathan, Co-founder and Chief Integrator at 361DM.
“We offer what we think is relevant to the market,” he said, adding that his firm is not competing with brick and mortar firms or the distance education space. “We will grab a unique space in what we call – specialised online courses (SPOCs). Currently, the market for SPOCs is miniscule and slowly opening up,” said Mr. Gopinathan. 361DM offers more than 90 courses including design thinking, foreign languages and competency thinking.
Nikhil Mahajan, Group CEO Enterprise Business of CL Educate, said that the market for self-learning was increasing. “We felt appropriate to fund 361DM now. We have also seen the company evolve in the last five years,” he said.
In Singapore, 361DM wants to focus on skills and corporate training, and from there foray into nearby markets including Malaysia and Indonesia. CL Edcuate, which owns the brand Career Launcher, recently got listed on the National Stock Exchange and the Bombay Stock Exchange.
