Extramarks looking to raise $5mn VC fund

Extramarks.com, n online education model that offers ‘after-school’ academic support to students, plans to raise $5-million (around Rs 20 crore) venture capital fund to fuel its growth plans.

Promoted by Noida-based international BPO company Cleaveglobal E-Services Limited, the portal is in talks with three venture capital firms and is expected to close a deal soon.

While talking to business standard, Atul Kulshrestha, founder-director and chairman of Cleaveglobal said, the company intends to utilize these funds to invest in enhancing the existing infrastructure and launching the model in the UK and US in the next six months, besides introducing syllabus for higher education including engineering and curricula of state educational boards.

The company will be completing an investment of Rs 5 crore in the next six months, which will be met out of internal accruals for incorporating ‘whiteboard’ and ‘podcast feed’ technologies and additional content.