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Online test-prep site Pagalguy.com looking to raise Rs 90-120 crore from VCs, PE funds

Pagalguy.com, which provide guidance
online to those preparing for competitive exams, is reportedly looking to raise
Rs 90 crore to Rs 120 crore from venture-capital and private-equity investors
by offering a minority stake.

Pagalguy.com, which provide guidance
online to those preparing for competitive exams, is reportedly looking to raise
Rs 90 crore to Rs 120 crore from venture-capital and private-equity investors
by offering a minority stake.

According
to an Economic
Times
report, the company wants to use the funds to launch new products and
services and hire staff.

“We
have been developing unique products and applications which are intended to
change and redefine the learning paradigm,” Founder and Chief Executive
Allwin Agnel told the Economic Times.  

“The company is
presently at an inflection point as we get ready to launch these products and
services,” Agnel was quoted in the report as saying. “We require
funds for hiring people in technology, content, marketing and operations. 

The
site is managed by a team of 35 employees working from offices in Mumbai and
Delhi. The venture has been profitable since 2006 and clocked an operating
profit growth 20% for the fiscal year ended March 31, 2014. According to the
report, Pagalguy.com gets revenue from advertisers. 

Wharton
graduate Agnel launched Pagalguy in 2002 as a discussion forum for students
aspiring to do management courses. After turning profitable in 2006, it
underwent its first transformation. Over the years, Pagalguy has become a
social networking portal for students providing competitive test guidance and
services.

The
company then began introducing modules for competitive exam preps and coaching.
It boasts of being a one-stop shop for learning without user charges. The
company, which earlier offered guidance for MBA aspirants
only, has now added similar features for engineering, banking and government
recruitment exams.

“In
mid-February 2015, we launched innovative short courses for many exams and have
plans to add 300 courses in the next six months,” Agnel told the Economic
Times.

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