In July 2018, Gaja Capital invested USD27.1m in Educational Initiatives (Ei), an India-based provider of technology-enabled diagnostic assessment and personalized learning solutions for students in kindergarten to 12th grade (K-12). Ei’s product portfolio includes assessment tools, such as Ei ASSET and Ei Diagnostics, and its intelligent tutoring system Ei Mindspark.
With Gaja’s support, Ei expanded its customer engagement, resulting in its core customer base increasing from 600,000 users as of March 2018 to approximately 900,000 in March 2020. At the time of the investment, Ei was working with 70 schools in one state; by 2020, it was working with over 300 schools and 70 after-school centers in 10 states.
Ei aspires to further scale Mindspark across India while increasing exports, including to Africa. In 2020, Gaja led the process of onboarding David Levin, the former CEO of McGraw-Hill Education, as an operating advisor to help drive international expansion initiatives and M&A activity.