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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Marketing and brand building
The largest slice of the fresh issue funds advertising and brand building, which is the main lever an education marketer has for filling programme seats.
Repayment of borrowings
Prepays or repays part of the company's outstanding debt, lowering interest cost.
General corporate purposes
The balance of the net proceeds, after issue expenses, is unallocated and available for the general needs of the business.
(₹ in Crore)
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Jaro Institute of Technology Management and Research Limited, which trades under the Jaro Education name, was incorporated in 2009 and sells online higher education. It does not award its own degrees. Instead it partners with universities and institutes, then markets, enrols and supports the students who take their programmes, sharing the revenue with the institution. The catalogue runs to online degrees such as the MBA, DBA, MCA and various masters and bachelors courses, alongside shorter cross-disciplinary certification programmes in management, technology and analytics. The partner roster is the core asset. As of March 2025 the company worked with roughly three dozen partner institutions, among them a substantial number of IIMs and IITs, plus overseas names including the Rotman School of Management at the University of Toronto and the Swiss School of Management. Between them these partners offered more than 250 programmes and courses. Delivery is not purely online: the company runs over 20 offices and learning centres across major Indian cities for in-person sessions, and it has built immersive studio setups inside a number of IIM campuses from which lectures are recorded and streamed. The economics have improved sharply. Revenue roughly doubled from about 125 crore rupees in FY23 to around 254 crore rupees in FY25, while profit after tax rose from about 11 crore rupees to roughly 52 crore rupees over the same period, lifting the net margin above 20 percent. Return on net worth sits around 30 percent and borrowings are modest. The dependence that funds this, on a set of partner institutions that could renegotiate their revenue share or choose to market their own programmes directly, is also the company's central exposure.
Ahead of the issue the company allotted 15,16,853 equity shares to anchor investors at 890 rupees per share, raising 135 crore rupees. Participants included 360 ONE, WhiteOak Capital, ITI Mutual Fund, Singularity Equity Fund and Subhkam Ventures on the domestic side, alongside Citigroup Global Markets (Mauritius), Nomura Singapore, Societe Generale and LC Pharos Multi Strategy Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:30 AM
Deep bench of partner institutions
The company works with more than thirty partner institutions, a large share of them IIMs and IITs, plus overseas names such as the Rotman School at Toronto. Those relationships are hard for a newcomer to assemble.
Broad programme catalogue
More than 250 degree and certification programmes across management, technology and analytics give it something to sell to a wide range of working professionals.
Asset-light model
Because partners award the qualifications and the company handles marketing and enrolment, it grows without carrying the cost of running a university.
Strong and improving profitability
Revenue roughly doubled between FY23 and FY25 while profit after tax rose more than fourfold, taking the net margin past 20 percent at a return on net worth near 30 percent.
Physical footprint alongside the online one
Over twenty learning centres and studios built inside IIM campuses let it offer in-person contact, which pure online rivals cannot easily match.
Dependence on partner institutions
The company sells other people's programmes, so its whole catalogue rests on relationships it does not control.
Revenue share can be renegotiated
Partners can push for better terms when agreements come up for renewal, which would compress margins directly.
Partners could go direct
Nothing stops a university from marketing its own online programmes, turning a partner into a competitor.
Jaro Education Limited
11th Floor, Vikas Centre, Dr. C.G. Road, Chembur East, Mumbai, Maharashtra 400074
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Reputation is borrowed
If a partner institution's course quality or standing slips, the damage flows through to the company that enrolled the students.
Crowded edtech market
Online higher education in India is competitive and marketing-intensive, and customer acquisition costs can rise faster than enrolments.