A consortium of PIPE investors from Singapore has confirmed US $5.68 million or INR (Indian National Rupee) 36.92 crore investment in the Flex Class Holdings Inc., an online marketplace for the skill development programs focusing on the emerging markets of India, Thailand and Africa.
Flex Class Holdings Inc. offered shares worth US $6.90 million to the investors, but the investors ended up subscribing US $5.68 million worth of shares, 82.32% of the total offered shares. The PIPE investors has valued the company at US $1.43 billion or INR 9,295 crore. The deal is expected to close by May 15, 2017.
For the unfamiliar, Flex Class Holdings Inc. is proposing to get listed on the US markets by the end of this year and is raising a final round before its listing.
Anurag Vaid, Director of Flex Class has confirmed that the company is now well funded but it may seek US $100 million or INR 650 crore of funding through private placement of shares once the company is listed for acquiring “sensible” content development companies. The company has confirmed that it is in talks with the few companies for their proposed acquisition but nothing is finalized yet.
As a platform, Flex Class offers 80 different courses focusing on the finance and information technology.
Flex Class has confirmed that the raised funds will be utilized for hiring, product development and to ramp up the number of instructors on the platform. The company will also invest in the marketing to acquire students from the European countries.
Flex Class is known for its refundable fee programs where a student receives 100% refund for its fee when the online program is completed.
About Flex Class
Flexclass.org is an online learning platform. It is aimed at professional adults who want to add new skills to their resumes.
No Flex Class courses are currently credentialed for college credit; students take courses largely as a means of improving job-related skills. Some courses generate credit toward technical certification. Flex Class has made a special effort to attract corporate trainers seeking to create coursework for employees of their company.