scorecardresearch

Ipsaa plans to invest Rs 100 cr; to add 125 day-care centres by 2020

New Delhi, Jan 13 (PTI) Day-care chain Ipsaa plans to invest Rs 100 crore to more than double its centres across the country by 2020, and is also in talks with private equity players to raise USD 10 million in the next 12-18 months. "We are looking at opening 125 more day-care centres across the country by 2020, taking the total count to 200. All our centres are company-owned and operated and we plan to invest Rs 100 crore to fund our expansion plans," Ipsaa Co-founder and CEO Shiv Mittal told PTI. Mittal said the company, which so far has been self-funded by promoters and through bank debt, is also looking to raise USD 10 million through Series A funding in the next 12-18 months. "A few private equity players have expressed interest in investing in Ipsaa Day Care Centres. It is in talking stage right now," he added. Elaborating on expansion plans, Mittal said, Growing working population in India has led to significant demand of credible and quality child care. We have observed a substantial increase in demand from tier 2 cities, and will be instituting over 125 new centres in Ranchi, Coimbatore, and other cities". The company currently operates over 75 centres in Delhi, Noida, Gurgaon, Mumbai, Chennai, Bangalore, Goa, Pune, Jaipur, Hyderabad and Kolkata. PTI SVKANS