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Matrix makes partial exit form India's Tree House

  • Andrew Woodman
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Matrix India has exited a portion of its holding in school management firm Tree House Education and Accessories, selling 4.84% stake in the company to local conglomerate Bajaj Holdings & Investment for INR504 million ($8.4 million).

According to a regulatory filing, Matrix exited its stake at INR280 per share.

Matrix was one the earliest backers of the company, which launched in 2007. It invested INR500 million for a 45.5% stake in 2008 and then returned in 2010 to invest another INR400 million alongside Foundation Capital for a joint 16% stake. 

The company then raised INR1.1 billion from its first public issue in 2011 before Matrix and Foundation returned the same year with Omidyar Network to invest another INR190 million. The most recent investment was in 2012 when Unilazer Ventures and Aditya Birla paid INR3.6 million for a 6.9% stake.

Tree House used the extra capital to acquire MT Educare for an undisclosed amount and then acquired 100% of Brainworks Learning Systems, a national chain of pre-schools, last year.

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