Bodhi Tree is taking a $600 million stake in Allen Career Institute as James Murdoch and former Disney executive Uday Shankar expand their bet on India's growing edtech market, they said Sunday. The duo said their investment in the education brand, which operates 138 classroom centers in 46 cities in India and Middle East, is strategic in nature.
Allen will work with Bodhi Tree to broaden its test-prep offering and help students prepare for prestigious exams.
A person familiar with the matter said the deal values Allen between $1 billion and $1.3 billion.
Allen runs a large coaching institute. Byju acquired Aakash for nearly $1 billion last year. According to two people familiar with the matter, Unacademy explored acquiring Allen earlier.
Allen has focused on providing high quality education to students to help them achieve their highest potential and fulfill their career ambitions. Bodhi Tree is an essential ingredient in furthering our mission to significantly increase Allen's reach and impact.
The second backing of Bodhi Tree, which counts the Gulf State's investment fund as a major partner, is the investment in Allen. The firm said it was investing over $1 billion in the network.
Murdoch and Shankar said in a statement that education is a critical consumer need.
We believe that education is on the verge of a technology led renaissance that will fundamentally alter how education is taught and will increase its efficacy. Allen's scale and success give him the right foundation to build a future digital education company. We are excited to work with the Maheshwari family to build an outcomes focused digital education company that delivers on the aspiration of millions of learners and parents in India and beyond.
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