Everonn Education Ltd, a Chennai-based VSAT education network company, is planning to invest around Rs 150 crore during the current fiscal. Besides, the company would also foray into foreign markets, including in Africa, during the year.
Speaking on the sidelines of the company AGM at Chennai on Wednesday, P Kishore, managing director, Everonn Education Ltd, said the company would invest Rs 150 crore in iSchool and Instructional and Communication Technology (ICTs).
The proposed investment will be funded mainly through debt, he said.
The iSchool model is an initiative of the company which combines the orthodox system of learning with digitised content and tools to make learning interactive.
Through the ICT, the company plans to be an education service provider for computer education, computer literacy, teachers training projects and computer-aided learning in government schools through turn-key projects on a BOOT model.
So far, the company has signed with 16 state governments to implement computer education in government schools through the ICT.
Of the company's total revenue of Rs 301.62 crore during the last financial year, 22 per cent was contributed by the government projects, noted Kishore.
The company has set a target to increase its top-line by 50 per cent during the current fiscal, from 43 per cent in 2010-11.
On the company's foray into new markets, Kishore said that in six months, the company would look at entering SAARC countries and Africa. “We will join hands with the local governments to provide content and technology,” he said, adding, "We are looking at 22 per cent of the revenue from outside India in the next two years.”
Recently the company has forayed into countries in the Middle East and South East Asia including Singapore and Philippians. “We are also looking for institutional partners and corporates for content and best practices. We can be also a finance partner for them,” Kishore said.
On KenBridge Schools, a chain of K-12 district-level CBSE schools through its wholly-owned subsidiary Everonn School, Kishore said the soft launch of ten schools started this year and we have intended to set up 50 more schools in the next academic year.
“We will be a facilitator, aggregator and manager and investment will be made by our partner. Everonn would get 22 per cent, of which 15 per cent is for management and 7 percent for facilitating and aggregation, said Kishore.
