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National Skill Development Council backs SkillPro
Posted On:
22/12/2014
Updated On:
Hyderabad based skill assessment and training company SkillPro has received Rs 18.3 crore in debt funding from the National Skill Development Council to set up 220 training centers in 20 states.
"Ours is a milestone-based funding. We are providing the infrastructure costs and working capital for setting up the centers. If SkillPro scales up as expected in first two to three years, we will not be averse to a subsequent round of funding," said Dilip Chenoy, MD and CEO of NSDC. The council expects to approve 87 proposals by March 2015 in the sector of skill training and development solutions.
While 75% of the cost is being borne by NSDC, a sum of Rs 7 crore will be invested by SkillPro to scale up its operations.
"We will also look at closing a round of equity-based institutional funding in less than a year," said Ananth Rao, MD at Focus Ventures and chairman of SkillPro who acquired the company in 2012. The company presently runs 50 centers across 15 states and has trained around 48,000 people so far.
The company will be the seventh NSDC partner in Andhra Pradesh and Telangana. The investment will be focused towards training 5 lakh people over the next 10 years across six sectors in IT/ ITeS, healthcare, retail, capital goods and manufacturing, construction and automotives.
"Apart from our existing corporate clients, we will also announce our tie-up with e-commerce players for backend operations for delivery, procurement and customer services. We are also targeting tie-up with a university based in Maharashtra to introduce vocational training across 21 colleges in the state," said Rao.
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