Private sector lender ICICI Bank has acquired a 9.09% stake in ed tech platform Myclassboard Educational Solutions for 4.5 crore rupees (£4.5 million) in a transaction expected to be completed by end of February, Livemint has reported.

ICICI Bank will hold the stake through the acquisition of 100 equity shares and 1.04 million cumulative compulsorily convertible preference shares on a fully diluted basis.

MyClassboard provides an app that helps school administrators manage clerical tasks involved in running a school like managing student and staff data, streamlining administrative tasks and maximising communication between school and parent.

The company was launched in 2009 and last year reported a turnover of 12 crore rupees.

Date published: 5 January 2021

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