Screwvala will initially lead the investment of Rs 100 crore ($16 million) in the venture and will focus only on higher education.
Former UTV Group owner and a serial entrepreneur Ronnie Screwvala has launched his latest venture U Education in online edication space, according to a press release.
Screwvala will initially lead the investment of Rs 100 crore ($16 million) in the venture and will focus only on higher education. This is Screwvala's second venture, who had earlier floated Unilazer Sports as a new unit focusing on sports management.
As per media reports, U Education will provide flexible and personalised education to working professionals and will cater to the specific requirements of new-age industries.
“This sector is ready for disruption and innovation. The aspiration and ambition of young India has grown manifold. There is a willingness to pay for quality education and the digital and next gen models are gaining acceptance amongst students, institutions and employers,” Screwvala said.
He added that the plan is to have a diverse set of offerings starting from management, law, marketing, finance, technology, engineering to more in entrepreneurship, new economy expertise, and to cater to the growing sectors of sports, media, fashion, travel, hospitality and tourism.
The firm has also roped in Mayank Kumar as a co-founder and managing director of U Education. Kumar comes with a decade of experience in the education sector across various geographies globally.
“Our goal will be to foster the next level of degree education/learning and train the next generation Indian workforce to take on the industries of the future,” Kumar said in the statement.
Born in Mumbai in a Parsi family, Screwvala founded the UTV Group in 1990 providing television content to broadcasters and finally in February 2012, he sold UTV to Walt Disney. He is currently focusing on private equity on strategic investments and philanthropy and owns Unilazer Ventures Ltd. Most recently, Unilazer backed Big Data firm Indus Insights besides firms such as SilverEdge, Impresa Hospitality, Tree House Education, etc. In the past he has also invested in Lenskart.com, EkStop.com, INI Farms and Himex.
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