HCL invests $20 million in edtech company Educational Initiatives through a secondary investment.

Educational Initiatives (Ei), an education software company, has secured approximately Rs 166 crore (about $20 million) in a secondary round of funding from the HCL Group. Additionally, HCL will acquire a minority stake in Ei from private equity firm Gaja Capital. Ei, founded in 2001, operates as a B2B company, offering schools a suite of assessment and adaptive learning products to enhance learning outcomes for teachers and students. The company plans to expand to new markets, including South Africa, Kenya, Ghana, and Saudi Arabia, and is also exploring acquisitions of edtech product companies focused on improving learning outcomes. Ei reported a revenue increase of over 56% in FY23 to Rs 97 crore from Rs 62 crore in FY22, with a minor profit increase from Rs 4.2 crore to Rs 5.5 crore during the same period.