iProf Learning Solutions announced that it has closed $9 million (INR44 crore) in Series B financing. The round was led by global education research firm Hobsons. Existing investor Norwest Venture Partners and IDG Ventures India also participated in the investment, according to The Economic Times.
The Noida-based education firm will use the new capital to fund acquisitions. The company will also be expanding its network into South Asia and secure its status as a market leader. iProf did not disclose the stake diluted by its founder, the report detailed.
Hobsons chief executive Craig Heldman said: "Through this investment, we will continue to expand our geographical footprint in South Asia while exploring opportunities to contribute to new K-12 solutions that will help students in India achieve their post-secondary goals."
To date, iProf has raised a total capital of $15 million (INR92.9 crore) from venture capitalists, the report added.
Founded by Sanjay Purohit from IIM Ahmedabad in 2010, iProf uses tablets, personal computers, and mobile gadgets to provide online and offline educational content to students, The Economic Times reported.
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