TeamLease Services Private Limited has raised Rs. 100 crore ($20.8 million) from ICICI Venture and Gaja Capital Partners in order to fund the vocational education expansion of the Company.

MMB Legal advised TeamLease with a team led by Partners Mahesh Madan Bhat and Talha Salaria.

Speaking with Bar & Bench, Co-Founding Partner Talha Salaria who heads the firms Education Sector practice said, “The Education Sector in India has been witnessing tremendous activity these last few years with interest levels from foreign players becoming increasingly evident. This deal indicates that the private sector in India is also actively backing development in the sector, with a view to strengthening the Indian economy i.e. by equipping our workforce to international standards and providing them opportunities that till now they could only dream about”.

DSK Legal advised Gaja Capital Partners with a team led by Co-Founding Partner Satish Kishanchandani.

ICICI Venture was advised by their in-house counsel along with advice from Wadia Ghandy on legal duty.

The Deal Curry reports that the amount raised will be used for the vocational education segment i.e. rollout of Indian Institute of Job Training (IIJT) centres, entering in new domains and for the TeamLease University project. TeamLease Services, focused on the organized temporary staffing market since 2003, entered vocational education by acquiring the IIJT in March 2010.

Tremendous activity is taking place in the education sector with the recent JV of Educomp with Zeebo and Lakshya in January 2011.

Paginate