S Chand and Co. has informed the bourses that it has sold the entirety of its stake in the edtech platform iNeuron Intelligence Pvt. Ltd. to PhysicsWallah. The 6.05 percent stake was sold for a total consideration for Rs 14 crore.
The exit gives S Chand a 2x return on its initial investment.
PhysicsWallah offers courses and study materials for JEE, NEET and other engineering entrance as well as state board exams.
S Chand had acquired the shareholding in the AI and Data Sciences focused ed-tech platform iNeuron in two tranches - in December 2021 and in September 2022. The transaction also involved their two wholly-owned subsidiaries - Vikas Publishing and Chhaya Prakashani. The company's co-investors - Mukesh Sharma Family Trust will also exit their positions in iNeuron.
Earlier this year in July, S Chand had exited its positions in the exam preparation platform Testbook for an 8x return on their initial investment. Despite the exit from iNeuron, S Chand said that the two companies will continue to work together in empowering students and job seekers.
S Chand is one of India’s leading education content companies with platforms like S Chand Academy (YouTube), TestCoach App, Learnflix App and Mylestone Curriculum Solutions under its umbrella.
Shares of S Chand are trading 2.4 percent lower at Rs 162.85.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM