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Funding of expansion plans -- Eduquity in talks with venture capitalists

Vishwanath Kulkarni

BANGALORE, July 18

EDUQUITY Career Technologies Pvt Ltd, the Bangalore-based HR assessment company, is planning to raise between Rs 15-20 crore in the second round to fund its expansion plans.

Mr R. Dhirendra, Chief Executive Officer, Eduquity, said the company is in talks with several strategic investors and venture capitalists and is expected to close the deal in the next three months. It had received a first round funding of close to $1 mil lion from Acclaim Ventures, a Silicon Valley-based capital fund.

The company, which provides innovative solutions to the ongoing needs in the entry-level employments and education segments, is planning to set up Eduquity centres in Chennai, Hyderabad and Mumbai in the first phase. It is targeting to expand its reach t o over 20 towns over the next two years.

Eduquity is also exploring the possibility to tap the overseas market, especially the West Asia, which has a large chunk of Indian population, Mr Dhirendra said.

Eduquity caters to the both individuals and organisations. Its corporate offerings among others include turnkey services for entrance and selection assessment. For individuals, the company offers an array of scientific assessment tools to help determine interests, aptitudes, personality and skills.

It has developed various tests in-house in the country, which have been validated by different companies and employees, to help put a career seeker on right track. It also offers couselling programme for those who wish to study abroad. ``Till now, we hav e counselled nearly 5,000 students,'' said Mr Bringi Dev, chief operating officer.

The company, which aims to set standards in assessment, presently caters to the requirements of among others such as iCode, the Andhra Pradesh Government, Ministry of Human Resources Development and insurance companies. ``We are also talking to some 20 d ifferent companies for developing a systems studies model,'' said Mr Bringi Dev,

Eduquity has recently worked with the Indian Institute of Management, Bangalore to develop a model for insurance agents, Mr Bringi Dev added.