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In Pre-IPO Round, Tree House Raises 19 Crore

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Mumbai:A school management company, Tree house Education and Accessories, operating a large number of pre-schools across India, has raised 19 crore. ON Mauritius, a subsidiary of Omidyar Network and existing investors Matrix Partners India and Foundation Capital are investors for the company.

The company announced that the fund has been raised in a pre-IPO round of funding. Tree House has also filed for an initial share sale to raise approximately 150 crore. The company filed a DRHP with the capital markets regulator and the money raised will be used for expansion of its pre-school business, acquisition of office space, procurement of exclusivity rights to provide educational services, construction of infrastructure for educational complexes in Rajasthan and Gujarat, repayment of loan and for other corporate reasons.

Under the brand name 'Tree House', the company operates 177 pre-schools across 23 cities in India, out of which 108 are operated by the company and the rest through its franchisees. Plans are there to launch 120 new pre-schools across the country by Financial Year 2014, which will be directly operated by the company. It has also penetrated into providing educational services to K-12 schools and caters to 12 schools with 5000 students located in four cities.

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