Intel Cap and Helion to pump $8 mn in GTT

Intel Cap and Helion to pump $8 mn in GTT

Global Talent Track to take off soon with national and international scale-up plans

CMN Correspondent

Tuesday, February 03, 2009

PUNE, INDIA: Global Talent Track (GTT) has today announced the first phase of an ongoing funding commitment from Intel Capital and Helion Ventures Partners.

The overall investment of about $8 million would be made in tranches of investment phases and would be used to inject the expansion plans of GTT which have among its highlights a turnover estimate of Rs. 500 crore and candidate number of 500,000 employable professionals in the next five years.

GTT is also targeting 500 own centers in the next five years apart from the MKCL (Maharashtra Knowledge Corporation Ltd) centers that it would be using.

The penetration roadmap would start with states like Maharashtra, Punjab, Rajasthan and Gujarat in the first year and then to other states as well as China and Malaysia by 2009-10.

GTT is currently doing pilots with five colleges in Pune as well as in Nasik and has a launch pad slated about June.

"Our initial launch will cover 30,000 students across 100 colleges and will prepare them for careers in IT and Business Services. We are also finalizing collaborations in China and Malaysia for our programs." said Dr.Uma Ganesh, CEO, GTT.

About 75 to 80 per cent of the targeted growth is expected from India while the rest is from China and Malaysia.

"Education is a space where Intel is active and we are interested in areas where technology is leveraged for education.

Deals and business models like GTT are our interest area.

This model is attractive with the concept of working with Universities and its scalability prospects due to use of technology." said Pradeep Tagare, director, Intel Capital India.

Global Talent Track (GTT) is a venture set up with the aim to address the current gap in the demand and supply of trained manpower and is designed 'to deliver quality with scale.

It plans to provide a range of short and long term courses in a number of vocational fields.

Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide.

In 2008, Intel Capital invested about US$1.59 billion in 169 investments with approximately 62 percent of funds (excluding Clearwire) invested outside North America.

Helion Ventures Partners is a $350 million India-focused VC fund. Individual or phase-wise break-up of the Intel Cap-Helion funding for GTT could not be ascertained.

©CyberMedia News

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