Morgan Stanley, Banyantree invest $75m in India's Nspira

MSPEA committed $67 million for a minority stake, while the remainder was committed by Banyantree, according to a statement. Nspira will use the capital to support geographic expansion, improve its facilities, grow its client base and develop new products, along with pursuing acquisition opportunities with an eye toward diversifying its service offering.

Founded in 2013, Nspira provides management services for educational institutions in India and overseas, including staffing, training, IT infrastructure, and sales and marketing services, along with admissions and educational consultancy. It raised INR4 billion ($59 million) in a structured debt offering in 2016 led by Olympus Capital Asia Credit and CX partners’ India mezzanine fund.

The company’s clients include over 500 schools in 13 states, with nearly 400,000 students. According to its most recent annual report, revenue for the year ended March 2017 came to INR7.6 billion, up from INR4.9 billion the year before. Over the same period, net profit rose from INR357 million to INR762 million.

MSPEA is currently in the market for its fifth pan-regional fund, which is reportedly targeting $2 billion. The firm’s fourth Asia fund closed in 2014 at around $1.7 billion and pursues minority and control investments in public and private mid-sized growth businesses. Recent investments in India include medical devices business Sahajanand Medical Technologies and Southern Health Foods.

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• Topics
• South Asia
• Support services
• Expansion
• India
• Morgan Stanley Private Equity Asia
• Banyan Tree Growth Capital
• Growth capital
• Education
• professional services