Global private equity firm Blackstone has invested $250 million (over ₹1,870 crore) in Indian edtech company Simplilearn Solutions Pvt. Ltd for a controlling stake, the PE firm said on Monday.

Blackstone will pick up more than 60% stake in Bengaluru-headquartered Simplilearn, one of the oldest firms in the online higher education space founded in 2010, while existing investors Kalaari Capital, Helion Ventures and Mayfield will exit.

“We believe Blackstone can add significant value to our company because of their scale, commitment to building businesses, and global network, which will enable us to develop partnerships with businesses and universities as Simplilearn continues to expand around the world. We would also like to thank our previous investors, Kalaari Capital, Helion Venture Partners and Mayfield Fund for their undaunted support and trust in our journey of becoming a market leader,” said Krishna Kumar, founder and chief executive, Simplilearn. In an interaction with Mint in June, Kumar had hinted that new investors were looking to infuse capital in the company and some of its existing investors were looking to exit.

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Source: Mint

By Prashant K. Nanda