The valuation exercise undertaken by one of the Big Four audit firms has put the valuation of Robomate at around Rs 700 crore, according to bankers.
“Management is drawing out a strategy for listing Robomate so as to get its true valuation by the market. The process of hiving it off from MT Educare, start the branding exercise and revamping its structure has already begun and appointment of merchant bankers may be finalised in the next few weeks,” said one of the banker.
An email sent to MT Educare seeking comments did not elicit any response.
Products like Robomate have the potential to replace the centuries old chalk and talk method of teaching as learning will be revolutionised by the modern day teachers in the form of this technology.
The pilot project of Robomate started in 2012 and this was subsequently launched by Amitabh Bachchan in 2016.
According to sources, funds raised from the IPO funds will be used to scale it up to the next level of growth.
In this space, companies like Byju’s are already unicorns in terms of valuation which has now reached a mammoth $5.4 billion after a recent fresh funding of $25 million by its existing PE investor General Atlantic. Analysts said Robomate is trying to follow Byju’s footsteps. Biju is the undisputed leader in this niche market of online educational apps & technology platforms.
Last year, Zee Learn had acquired controlling stake in MT Educare by infusing around Rs 200 crore followed by an open offer at a price of Rs 72.76 per share. As on date, Zee Learn holds 59 per cent and 24 per cent is held by founder Mahesh Shetty.
