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Research4India Fortnightly update on Education Industry

In The Spotlight
Government ties up with Pearson in school education

Contents

News of the fortnight The Central Board of Secondary Education (CBSE) and the Pearson Foundation will set up a centre for assessment, evaluation and research, marking the first concrete move by the Indian government towards fostering public-private partnership (PPP) in the space and aimed at reforming the highersecondary segment. How the venture fares will help set the countrys PPP education agenda during the 12th Five-Year Plan (2012-17). The central government has been trying to set up 2,500 model schools with private participation for the last two years. The centre will develop research and assessment capabilities and resources for CBSE, its network of 13,000 schools and tens of thousands of teachers. It will focus on international best practices in school-based assessment, teaching techniques and high-stake examinations. The government has been seeking private participation in education to improve access and quality. Currently, only 20% of Indias schools are run by private entities. While CBSE will provide, among other things, physical infrastructure, Pearson will take care of operational expenditure, including the salaries in the initial two-year phase. The details about the amount to be invested were not revealed by the either side. Investment Activity News and Policy Update Corporate Update Stock Market Update Peer Benchmarking About Four-S Services

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Investment Activity
Recent PE Deals in 2012
Date 1-Aug-12 Investor(s) SBI Holdings (Japan) Imagine K12 Accel Partners & Others IndoUS Venture Partners & Others Seedfund Target Liqvid eLearning Services Pvt Ltd BrainNook Mind Edutainment Pvt Ltd Mettl Stake (%) NA Amount ($Mn) 3.0 Business E-Learning Educational Game Portal Edutainment Online Skill Assessment Digital Learning Solutions Stage Early

1-Aug-12

NA

NA

Early

13-Aug-12

NA

0.5

Early

13-Aug-12

NA

4.0

Early

16-Aug-12

LurnQ

NA

NA

Early

Recent Mergers & Acquisitions in 2012

Date 26-Jul-12 26-Jul-12 1-Aug-12 Acquirer Ma Foi Strategic Consultants HCL Infosystems Birla Shloka Edutech Ltd Target Axis-V Edurix Ojus Healthcare Pvt Ltd Stake (%) 51% 100% 51% Amount ($Mn) NA NA NA Target's Business Vocational/Skills Development Content development e-Governance & healthcare solutions

Year-to-Date PE and M&A Deals in 2011 and 2012

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News and Policy Update
Higher education poised for huge growth: E&Y In the next eight years, around 500mn of the population will be under the age of 20. This will throw open huge scope for the higher education market to flourish, according to a latest report by Ernst & Young (E&Y). The number of institutes offering higher education in India is 44,668. Of that, 33,668 offer various degrees and the rest offer diplomas. The total number of institutes in China is 4,192, while in the US, the number is 6,500. The growth has not witnessed any abetment so far as the number of institutes is concerned. Says the E&Y report, the numbers of colleges, institutions awarding diploma and institutes awarding degree stood at 23,264, 6,500 and 408, respectively, during 2007-08. In the previous financial year, the numbers were 33,023, 11,000 and 645, respectively. So, in the last four years, the number of educational institutions grew almost 50%. The number of students pursuing higher education is also on the rise. In 2007-08, 13.6mn students enrolled themselves in regular courses, while the number of students in various distance learning courses stood at 3.6mn. The numbers swelled to 20mn and 4.2mn, respectively, for 2011-12. Though comparatively lower than developed countries, Indias gross enrolment ratio (GER) has been witnessing a rise. In the previous fiscal, it was 17. In the US, GER stands at around 75-80. UGC lists norms for tie-ups with foreign varsities With the foreign educational providers Bill put on hold, University Grants Commission (UGC) has finalized regulations through which foreign institutions would be able to come to India in collaboration, partnership or in twinning arrangement with local educational institutions. The regulations, to be notified shortly, mandate that only those foreign institutions would be allowed who are among the top 500 institutions in the world as per Times Higher Education's Research4India world university ranking or the Academic Ranking of World Universities of Shanghai Jiao Tong University. Foreign institutions would have to ensure that courses offered by them are in conformity with the standards set by Indian regulatory bodies. Indian partners of foreign educational institutions are mandated to have accreditation by National Assessment and Accreditation Council with an A or an equivalent grade. Indian collaborators would require at least five years experience of offering education at post-graduate level. However, Indian educational institutions run by Centre, state or Union Territory administration would be free from mandatory accreditation and experience. UGC proposes regional education management centres for

The University Grants Commission has proposed regional centres of education management in prestigious IIMs to strengthen and improve teachers' education and develop specialised cadre of academy of teaching and teacher educators. It has suggested the regional centres of education management in IIMs at Ahmedabad, Kolkata and Bangalore and National University of Educational Planning and Administration, the Consultative Committee of Parliament on HRD was informed. To develop specialised cadre of academy of teachers, the panel was also informed that UGC has proposed a centre of excellence in science and mathematics in centres such as Indian Institute of Science and Tata Institute of Fundamental Research. Towards this end, the Ministry has set up a committee of Central Advisory Board of Education (CABE) on national mission on teachers and teaching under the chairmanship of Minister of State for HRD D Purandeswari. India backs out of global education test for 15-year-olds India has backed out of this year's Programme for International Student Assessment (PISA), a global evaluation process by the Organization for Economic Co-operation and Development 3

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(OECD) Secretariat that gauges where schoolchildren stand alongside their peers from other countries. This academic Olympics measures the performance of 15-year-olds in their reading, math and science abilities. Indians were put to test for the first time in the last assessment in 2009. On the global stage, they stood second last among 73 countries, only beating Kyrgyzstan on reading, math and science abilities. India ranked second last among the 73 countries that participated in PISA, conducted to evaluate education systems worldwide by the OECD (Organisation for Economic Co-operation and Development) Secretariat. It is also yet unclear whether India will put itself up for the assessment in 2015. In the last assessment, Tamil Nadu and Himachal Pradesh, showpieces of India's education and development, were put through the PISA evaluation and they performed miserably. The idea was that the entire country would participate in the next round of assessment. However, that plan was also dropped. Experts estimate that an Indian Class VIII student is at the same level as a South Korean Class III student in math abilities or a Class II student from Shanghai when it comes to reading skills. New IIT entrance format may see students migrating to weaker States The furore over the change in common entrance exam for the elite Indian Institutes of Technology (IITs) has died down, but concerns over the format persist. There is a clause under which students have to score within the top 20 percentile to qualify for IITs. Industry experts believe that there is a need to examine if the different boards could be brought on par. Also the new format may lead to other distortions, while opening new opportunities for coaching institutes and hike in the fees of around 5-10%. Haryana government announces special training programme for teachers In its effort to improve the quality of education in the state-run schools, the Haryana government today announced a special training programme for 68,000 teachers. The training programme for the in-service teachers would commence from the first week of September and each session would be of 20 days. An amount of over ` 204.8mn had been approved for the project. In addition, 1,665 recently recruited science and maths teachers have already received training under the induction programme. A 12-days training programme for 5,784 head teachers had also been approved and a sum of ` 11.6mn would be utilised on the project. Talent search examination for std VIII, X The National Talent Search Examination (NTSE), conducted by the National Council of Education Research and Training (NCERT) for standard VIII, will be held for standard X as well from this year. The examination will be tough and will be held in two parts - Mental Ability Test (MAT) and Scholastic Ability Test (SAT), with a short time gap between the two. Both MAT and SAT will be of 90 minutes duration and will carry maximum 100 marks. The qualifying marks are set at 40 and the two tests will have 90 questions each. The results will help identify students for a national scholarship scheme. The scholarship will be awarded on the basis of the combined scores of MAT and SAT. Plan panel: Indian professors better paid than BRICS peers Indian professors are better paid than their counterparts in BRICS countries (Brazil, Russia, China and South Africa) and even in France and Germany, according to the Planning Commission. The government is examining working conditions as it seeks to attract teachers, of whom there is a shortage, into higher education in India. The perception that teachers are poorly compensated in India is misplaced, according to the official. The Planning Commission note is based on a recent study by the Center for International Higher Education, Boston, and the Higher School of Economics, Moscow that compared academic salaries across 28 countries on purchasing power parity (PPP) terms. It said the entry level salary (in PPP terms) in India is $3,954 against $259 in China, $433 in Russia and $1,858 in 4

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Brazil. However, its relatively low when compared with the US ($4,950) and Canada ($5,733). The study did not take into account private non-aided institutions. Mid-level academic salaries ($6,823) are better than in China ($758), Russia ($563), and Brazil ($3,190), the note said. Deccan Education Society offers course in American studies Deccan Education Society (DES) will be offering Diploma in American Studies from September 3. The course is designed with the help of American Centre, Mumbai after it was found that the over 600,000 Indian students going to the US every year face various difficulties from communication to food habits, which affects their academic performance, said DES Chairman Ajit Patwardhan. The course can make students overcome these challenges by facilitating their understanding of American culture. Credai sets up realty institute, scholarships at Ahmedabad offers

Corporate Update
TCS, HDFC partner to invest in sports education startup Tata Consultancy Services and HDFC have come together to invest in a startup that is in the business of sports education. More than a decade ago, both of these companies entered into equal JV Intelenet for Business Process Outsourcing while Susir Kumar playing a key role. This time, Kumar and the Intelenet team of a score of executives came up with the idea for Kids Out Of Home (KOOH). N Chandrasekharan, CEO of TCS and Susir Kumar who is CEO of Serco Global Services have invested 15% each in KOOH. The venture would ask schools to outsource their Sports Education. KOOH will compete with startups such as Edusports, Leapstart and Sportseed, which provide outsourced sports education for schools. Two of the co-founders who were part of the founding team at Intelenet, Prabhu Srinivasan and Ramachandra Panickar, are on the board of the new venture along with Kumar. All the co-founders will continue in their existing roles at Serco and leave the management of the new venture to an independent team. Wellknown cricket personality Ajit Wadekar and former Delhi cricket player Sanjeev Sharma have joined as advisors. KOOH will draw on lessons from the business process outsourcing industry to train coaches in areas such as voice accents and child psychology. The coaches will also undergo training at the Lausanne, Switzerland-based Centre for Sports Education founded by the International Olympic Committee. Discussions with a private equity fund are at an advanced stage according to Kumar. If a deal fructifies, the fund could hold 15%. The 20 cofounders, including Kumar, will hold the rest. IL&FS Education development centre to set up skill

Aiming to promote excellence and bring in global standards in real estate arena, developers apex body Credai has announced two major projects - an institute for research and professional studies and educational scholarships for needy students pursuing higher education. The Credai Institute of Real Estate Research and professional Studies will be set up at Ahmedabad. The Credai institute, aiming at imparting world class education and research in real estate related subjects, will be functional from June 2014. It and will have tie-ups and affiliations with top International Institutes having expertise in real estate domain. Credai has also announced the launch of an Educational Scholarship Scheme (ESS) for promoting higher education by offering scholarships to deserving students who are pursue full-time degree/post-graduate degree courses in Civil Engineering or Management Degrees related to Real Estate sector at any of the colleges or institutes recognized by the All India Council of Technical Education (AICTE).

IL&FS Education and Technology Services Ltd in collaboration with the West Bengal Government will set up a skill development centre here for IT and ITeS courses. As part of the National 5

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Skill Development Corporations programme, IL&FS Education, a subsidiary of IL&FS India, expects to train 2,000 people a year for five years at the proposed local centre. The skill development centre is expected to be commissioned by September. IL&FS Education also plans to set up three multi-skill training centres in the State at Howrah, Durgapur and Siliguri. In certain sectors, the gap between the demand and supply of skilled workers was yawning. Dilip Chenoy, CEO and Managing Director of NSDC, pointed out that the job market entrants were less keen to join infrastructure and construction-related skill development courses but interested in IT and ITeS courses. Nearly $ 1tn is likely to be invested in infrastructure in the 12th Five-year Plan and the industry requires 103mn skilled workers. IT-ITeS firms institutes tie up with educational Next Education India Pvt Ltd, a digital learning technology company, will raise ` 1.5bn from private equity players by December end. According to Beas Dev Ralhan, CEO, the company had so far invested ` 2.5bn, including ` 600mn on research and development of content. It raised the money from internal accruals and some debt from Kotak. It clocked revenue of ` 1bn in the last financial year. The company has tie-ups with 4,000 schools (in CBSE and ICSE streams) across the country and claims a student user base of 800,000. Birla Shloka Edutech acquires Ojus Health Care Birla Shloka Edutech Limited, a Yash Birla group company has acquired 51.1% stake in Ojus Healthcare Private Ltd, thereby making it a subsidiary of the company. Under the terms of acquisition, the operations of Ojus will be managed jointly by Birla Shloka and Ojuss promoters. Further, two of Birla Shlokas personnel Vijay Mishra and Sunil Abraham have duly been appointed on the board of Ojus. Established in 2001, Ojus Healthcare provides innovative IT solutions in e-governance and health care solutions. Birla Shloka was established in 1992 by Shyamsunder Rathi and in 1998, the Yash Birla Group acquired the controlling stake in the company. It is engaged in providing IT and IT enabled solutions to schools and institutions under the Information & Communication Technology (ICT) projects. This includes setup of computer labs, Digital classroom solutions and Audio Visual solutions. Accel Partners Edutainment invests in Mind

Tired of complaining about the employability of graduates in the country, individual information technology-information technology-enabled services (IT-ITeS) firms are now tying up with educational institutes to be able to hire more employable graduates. In the bargain, there will be not only faculty development and creation of desired curriculum, but also real-time work experience for students, all at campus level. Recently, Genpact signed an agreement with the Indian Institute of Management, Udaipur (IIM-U), to create a knowledge partnership. Under the seven-year agreement, IIM-U and Genpact will jointly develop a centre for assetbased lending and finance and an analytics laboratory which will give students the opportunity to solve real-time problems, work on proprietary and industry software tools and technology, as well as get hands-on industry experience. Genpact will offer summer internships to full-time students and set up a merit-based scholarship. HCL Technologies, last year, entered into a unique tie-up with the Madras University. Next Education to raise ` 1.5bn by yearend Research4India

Mind Edutainment Private Limited has raised ` 27mn from Accel Partners and group of angels led by Meena Ganesh - CEO & MD Pearson Education. The funds raised will be used to scale the initial pilot project of THOTS Lab from 3 cities to 8 cities and to integrate ICT in delivery process to create an ideal mix of ICT and Experiential Learning. Earlier, the company had received funding from the Department of Science and Technology and individual angel 6

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investors. Founded in 2007 by Sangeeta Khurana and Ashutosh Khurana, Mind Edutainment develops and provides solutions to improve social and emotional thinking skills among school-going children. The company has developed 'Higher Order Thinking Skills' program with the use of physical Thinking Tools and Mind Games. The program created has been adopted by 40 plus schools and 50,000 plus students of UKG to Grade VIII as a complete subject on thinking skills development. Mind Edutainment plans to install THOTS Lab across Delhi, Dehradun, Chandigarh, Bangalore, Hyderabad, Chennai, Kochi & Pune. SBI Holdings Invests In eLearning Content Provider - LIQVID LIQVID, an integrated eLearning content solutions company specializing in English Language Training, has raised $ 3mn funding from SBI Ven Capital, a subsidiary of SBI Holdings, Japan. The company plans deeper penetration into the school market with its 'EnglishEdge Portable Language Lab' and to expand its offerings in the college segment with a comprehensive solution that caters to the growing demand for English Language Enhancement, Business Communication skills and Personality development. LIQVID is focused on providing technology-aided English Learning & Training (ELT) solutions to individuals and organizations under the EnglishEdge brand name. The solutions are offered on PCs, Tablets and Mobiles. Imagine K12 invests in BrainNook Educational games portal, BrainNook has secured seed funding from Imagine K12. Founded by Abhijeet Vijayakar, BrainNook is online educational games based on important concept in the critical foundational subjects of Math and English Grammar. The startup started off with a focus on India, but is now solely focused on US market. BrainNook partnered education-focused social networking platforms like Edmodo to sell its products in US. Imagine K12 is a Silicon Valley incubator focusing on Research4India education startups. Imagine K12 Incubates the edu-startup from early stage to the point of being a company investable by seed investors or traditional venture capitalists. The possible funding is in between $14,000 - $20,000 depending upon the team size, against 4-8% stake in the company. Mettl raises Series A funding from IndoUS Venture Partners, existing investors An online skill assessment platform Mettl, has obtained $ 4mn in funding in its Series A round led by IndoUS Venture Partners and its existing investors. The startup had earlier raised angel rounds from Blume Ventures and other individual investors including Sasha Mirchandani, Puranjaya Singh, Sunil Sharma and Naveen Tewari. Founded in 2010 by Ketan Kapoor and Tonmoy Singhal, both IIT - IIM alumni, Mettl is an assessment platform to measure, analyse and improve professional skills across multiple industries. The assessment platform is primarily used for screening pre-hires for recruitments and for employees for competency tracking/ training across aptitude, personality and technical aspects. In addition, job portals, education companies, large publishers, colleges/institutions and training/skill improvement companies are also using Mettl for their business needs. Seedfund Invests Platform LurnQ In Digital Learning

LurnQ, a digital learning platform run by Mumbai-based Technium Labs Pvt Ltd, has raised an initial round of funding from Seedfund, as reported by Techcircle. The report claims that the funds raised will be utilised to develop more digital content, and to hire people. Technium, that runs LurnQ, was founded in 2011 by Tarun Mitra, Rajshekhar Ratrey, Ramesh Nidadavolu and Devvrat Arya. LurnQ is a digital learning platform where users can post collection of articles/videos to create a lesson. Other LurnQ users can follow the posts and comment on the topics.

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HCL My EduTab Wins Best Tablet Providers in Education Award at the World Education Awards 2012 HCL Learning, the education & learning division of HCL Infosystems Ltd., Indias premier hardware, services and ICT Systems Integration and Distribution Company, bagged the Public Choice Award for the Best Tablet Providers in Education for My EduTab at the World Education Awards 2012, held recently as part of the World Education Summit in New Delhi. HCLs My EduTab received the maximum votes from the people and emerged as the winner amongst competition by a huge margin of public votes. HCL Learning continued its winning spree by bagging its fifth award since December 2011. The HCL My EduTab comes in two versions: K12 and HE (Higher Education). My EduTab K12 version enables students, teachers & parents to connect, collaborate and share information as well as content over the Cloud. My EduTab - Higher Education (HE) Version is an edutainment platform which brings together world class rich multimedia content on technical and professional skills, assessments and Apps. Innovation in education gets mBillionth South Asia Award EzVidya

Chennai-based education research and service provider EzVidya bagged the mBillionth South Asia Award for their attempts to bridge the digital divide in the country. The organisation received the juror's distinction under the meducation and learning category for its 'BridgeIT India' project from among 60 nominations. EzVidya representatives were given the award for their innovations in reaching out to government schools to share improved teaching methodologies using mobile phones. Preloaded content on phones were attached to televisions in 89 rural and urban government schools.

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Stock Market Update

Share Price Performance

As on 17th Aug 2012 Core Education Educomp Navneet Tree House Zee Learn NIIT Ltd Everonn Aptech MT Educare Career Point Compucom Edserv Jetking

Market Cap (`mn) 33,288 22,958 12,876 8,570 6,713 5,704 3,593 3,569 3,310 2,678 866 503 250

Price (In `) 294 159 54 254 26 35 164 73 84 148 11 19 42

1 Week 0.8% -1.7% -1.4% 5.5% -6.4% -3.0% -0.8% 5.4% -3.9% 1.2% -0.5% -2.8% -2.0%

Percentage Price Change 1M 3M 6M 1.6% -0.6% 5.7% -5.5% 0.0% -31.7% -5.8% 2.1% -6.2% 16.9% 27.2% 16.8% -1.9% 33.4% 70.9% -16.0% -14.5% -28.7% -13.6% -21.4% -47.6% -1.4% 2.3% -20.8% -7.0% -10.8% -7.4% -6.1% -37.6% -2.2% 6.3% -4.3% 16.5% -53.9% -9.7% 0.5% -27.5%

12M -1.3% -38.1% -12.8% 35.9% -27.3% -66.7% -45.1% -47.5% -82.1% -39.3%

Financial Benchmarking
Quarterly Results Q1 FY 13, ending 30th June, 2012
Figures in Rs mn Educomp NIIT Ltd Core Education Navneet Everonn Aptech Edserv Career Point Compucom Zee Learn Tree House Jetking MT Educare Year Ending March March March March March March March March March March March March March Fiscal year 2012-13 2012-13 2012-13 2012-13 2012-13 2012-13 2012-13 2012-13 2012-13 2012-13 2012-13 2012-13 2012-13 Quarter Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Current 3,253 1,999 4,826 3,587 671 386 121 158 179 233 275 88 362 Revenues Last Year 2,924 3,148 3,255 3,030 669 464 267 158 183 154 163 82 % growth 11% -36% 48% 18% 0% -17% -55% 0% -2% 52% 69% 7% Current 707 114 1,901 1,140 -105 28 35 23 100 -16 158 7 43 EBITDA Last Year 1,054 307 1,240 959 343 46 118 29 112 -4 94 16 % growth -33% -63% 53% 19% NA -39% -70% -22% -10% NA 67% -59% Current 49 115 785 718 -229 38 1 31 25 -34 80 4 25 PAT Last Year 366 131 662 611 110 537 73 33 44 -8 52 10 % growth -87% -12% 19% 18% NA -93% NA -6% -43% NA 54% -63%

Figures in Rs.`mn Trailing Twelve Months (TTM)

Revenues TTM Y-1 14,154 12,743 11,967 5,641 3,239 1,920 1,274 786 767 427 392 371 1,051 EBITDA TTM Y-1 5,813 1,613 4,487 1,387 1,660 204 548 298 429 25 169 91 187 PAT TTM Y-1 3,440 923 2,479 849 767 938 395 274 133 19 92 58 80 % EBITDA margin 25% 10% 38% 23% 8% 13% 36% 56% 55% 12% 18% % PAT margin 7% 8% 19% 14% 16% 40% 13% 28% 5% 10%

Figures in Rs mn Educomp NIIT Ltd Core Education Navneet Everonn Aptech Edserv Career Point Compucom Zee Learn Tree House Jetking MT Educare

TTM Quarter Q1 FY13 Q1 FY13 Q1 FY13 Q1 FY13 Q1 FY13 Q1 FY13 Q1 FY13 Q1 FY13 Q1 FY13 Q4 FY12 Q4 FY11 Q1 FY13 Q4 FY12

TTM Y0 15,242 12,883 17,950 6,719 3,041 1,666 711 796 696 687 885 338 1,272

% growth 8% 1% 50% 19% -6% -13% -44% 1% -9% 61% 125% -9% 21%

TTM Y0 3,737 1,282 6,878 1,529 237 223 -176 285 392 -222 484 40 231

% growth -36% -21% 53% 10% -86% 9% NA -4% -9% NA 186% -56% 24%

TTM Y0 1,017 1,086 3,355 911 -504 259 -137 318 92 -301 245 16 128

% growth -70% 18% 35% 7% NA -72% NA 16% -31% NA 166% -73% 61%

Figures in Rs.`mn

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