IDFC Alternatives invests $18m in Manipal Servicecorp

This is IDFC Alternatives' second investment in the education services space and its third partnership with the Manipal Group. The investment was channeled through IDFC Private Equity Fund III.

Manipal Servicecorp, promoted by Manipal Education and Medical Group, will use the money to set up student hostels and facilities management at universities and other institutes in India and abroad, the firm said.

The student hostels will be rolled out at Manipal University, Jaipur, and the TA Pai Management Institute in Manipal, followed by projects for Manipal Global Education Services' banking training division in Bangalore.

"Many of the drivers that led to the growth of the industry in those markets are also increasingly apparent in India today, such as the increasing demand for better facilities and the desire of colleges to outsource hostel capex and management in order to better focus on core academics," Ranjan Pai, CEO of Manipal Education, told Live Mint.

Manipal Servicecorp currently manages about 12 million square feet of space across more than 70 sites and provides institutional catering services to at least 13,000 people a day. It offers services such as housekeeping, security and catering as well as engineering and water management.

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• Topics
• South Asia
• Investments
• India
• Education
• Growth capital
• IDFC Private Equity