Times Internet backs Coursera, supports India expansion
Times Internet, an Indian internet and mobile service provider that has backed several local start-ups, has joined a $49.5 million first close of a Series C round for US-based online education provider Coursera.
The funding was led by NEA, one of Coursera's previous investors; other participants include Kleiner Perkins Caufield & Byers (KPCB) and the International Finance Corporation (IFC). In a statement, Coursera said it expects to raise $60 million in all by the time the round closes in the fall.
Times Internet, the only new investor to participate in the round, joined in order to help with Coursera's plans to expand into the Indian market. It will provide Coursera with marketing, advertising, and strategic support to build awareness of the company's services in India.
Coursera is one of the best known providers of massive open online courses (MOOCs). Its classes are designed and taught by educators at universities around the world, and are available for free, though some features require fees. About 75% of its users are located outside the US, with the fastest growth occurring in Latin America, China and India.
Times Internet is a subsidiary of Bennett, Coleman & Company, the conglomerate that also controls the Times of India and other media properties. Its involvement with Coursera is one of several ventures that it has undertaken in the Times Global Partner initiative, through which it partners with overseas digital companies. Other participants include Uber and Huffington Post.
The firm has made several investments in India's tech sector, typically taking a small stake alongside several other investors. Its recent activity includes a $10 million round in April for online grocer Zopnow and an $85 million Series D round in May for logistics service Delhivery.
A number of recent VC and PE investments in India have focused on the intersection of education and technology. In May, online tutoring start-ups Toppr and Vedantu raised $10 million and $5 million, respectively, while video learning platform Impartus Innovations received a $4.1 million investment from education-focused GP Kaizen Private Equity in January.
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