IIT Coaching institute, FIIT JEE has raised Rs. 100 crores from Matrix Partners. FIIT JEE has in a way ‘corporatised’ the engineering entrance examination business and this is their first round of funding.
Started in 1992 by DK Goel (an IIT D alumnus), the turning point for the company was in the year 1997 when 762 students from this institute made it to the IITs. The company has now expanded into several other programs like NTSE, SAT etc.
Now that we have more IITs and seats, coaching instututes will rake in moolahs (even though New IITs are a Disaster).
Matrix Partners earlier investment includes Tree House, asklaila, Seventymm, ItzCash Card, vJive Networks, Yo! China and Brand Marketing India (BMI)