Special Correspondent

NEW DELHI: Education services firm Aspire Human Capital Management on Thursday announced sale of an undisclosed stake in the company for $4.5 million to the U.S.-based venture capital firm Foundation Capital. Aspire, which provides training in communication skills and spoken English, will utilise the funds in expanding its operations to 25 cities in India.

“We have raised $4.5 million by selling a significant minority stake in our company. This fund will be used in our expansion programme and new product development.

“:We will grow student base by three-fold from 15,000 and extend offering from 14 cities in eight States to 25 cities in 15 States,” said Aspire Founder and CEO Amit Bhatia. Foundation Capital's General Partner Warren Weiss said there was an opportunity to tap a market of $1.4 billion in the embedded employability education sector in India with over 70 million potential students.