Jaro Institute of Technology Management and Research
- Jaro Institute of Technology Management and Research is coming out with a 100% book building; initial public offering (IPO) of 53,19,148 shares of 10 each in a price band Rs 846-890 per equity share.
- Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
- The issue will open for subscription on September 23, 2025 and will close on September 25, 2025.
- The shares will be listed on BSE as well as NSE.
- The face value of the share is Rs 10 and is priced 84.60 times of its face value on the lower side and 89.00 times on the higher side.
- Book running lead managers to the issue are Nuvama Wealth Management, Motilal Oswal Investment Advisors and Systematix Corporate Services.
- Compliance Officer for the issue is Kirtika Chauhan.
Profile of the company
The company is one of India’s online higher education and upskilling platform companies. The company markets and facilitates delivery of a diversified range of online degree programs including D.B.A, MBA, M.Com., M.A., PGDM, M.C.A., M.Sc., B.Com., BCA, as well as cross-disciplinary certification courses, in partnership with 36 Partner Institutions, including 16 Tier-1 universities and institutions (which include 7 IIMs and 7 IITs and 15 Tier-2 universities and institutions as of March 31, 2025. Since the establishment of its business in 2009 by Sanjay Namdeo Salunkhe, a first-generation entrepreneur and its Chairman and Managing Director with over 17 years of experience in the education sector, it has been one of the early movers in the online higher education and upskilling space. Despite being an entirely bootstrapped institution, it has achieved strong EBIDTA due to 16 years of in-depth understanding of the online higher education and upskilling sector.
With a Pan-India presence of over 22 offices-cum-learning centres across major cities for offline learning, apart from 17 immersive tech studio set-ups in the campuses of various IIMs, the company caters to a total of 36 Partner Institutions, as on March 31, 2025. The company’s roster of 36 partnerships comprises premier Partner Institutions both in India and globally, including IITs, IIMs and premier global institutions such as Swiss School of Management and Rotman School of Management, University of Toronto, and top corporates, out of which 29 institutions have earned the distinction of being ranked among the top 100 partners in their respective streams by NIRF, as of 2025. The company has established strong and lasting collaborations with its Partner Institutions, as it has consistently facilitated delivery of quality degree programs, certification courses and admission related services over a long period of time.
The company’s revenue collection process comprises options such as; (i) direct collection of fees from Learners and invoicing by Partner Institutions; or (ii) collection of fees by Partner Institutions, who are subsequently invoiced by it for its share. Out of its 36 partnerships as of March 31, 2025, it acts as custodian for fee collection for 47.22% of its Partner Institutions. In such cases, its Partner Institution prepares and send the invoices to it upon delivery of degree programs and certification courses, which it reviews and reconciles its accounts according to the agreed timeline to verify the payments collected. Thereafter, it remits the payment to the Partner Institution based on the invoice received and maintain copies of the invoice and payment records for its accounting and audit.
Proceed is being used for:
- Marketing, brand building and advertising activities
- Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company
- General corporate purposes
Industry Overview
The education system in India is among the largest in the world. The education sector in India is expected to reach Rs 250 lakh million by FY 2028 from Rs 162.5 lakh million in FY 2024, thus growing at a CAGR of 11.4 % during the forecasted period. Education has been an important factor in the economic development of a nation. The government runs many programs to promote the education sector in India. With the rising demand for education in India, there has been a tremendous growth in the number of schools, colleges, and other educational institutes over the years India. The Indian education market demonstrated a robust CAGR of approximately 9.4% from FY 2018 to FY 2024, reaching a market value of Rs 162.5 lakh million in FY 2024. Projections indicate a thriving future, with an expected market value of Rs 250 lakh million by FY 2028, reflecting a CAGR of 11.4% from FY 2024 to FY 2028. This trend is supported by substantial progress and consistent advancements in recent years, marking significant improvements in accessibility, quality, and inclusivity within the education sector.
India is the second largest market for online learning and upskilling, after the United States. The online education and upskilling market in India are expected to reach Rs 8.5 lakh million by FY 2028 from current market value of Rs 3.8 lakh million in FY 2024, growing at a CAGR of 22.2%. This sector includes all types of Online education such as online higher degree, skilling & certification, language courses, test preparation, K-12 etc. The growth of the Indian online education and upskilling sector is propelled by technological advancements and the increasing trend towards digitization. With the widespread availability of smartphones and high-speed internet, digital learning platforms have become increasingly popular.
Meanwhile, Skilling and certification courses constitute an essential part of the education market in India and the sector is undergoing a rapid transformation. This market is valued at Rs 12 lakh million in FY 2024 and projected to grow at a CAGR of 4.0% in the next four years to reach Rs 14 lakh million in FY 2028. The Indian education system is experiencing a transformative wave driven by several key growth drivers. With the advent of digital technology, education has become more accessible and inclusive, reaching even the farthest corners of the country. Government initiatives promoting literacy, skill development, and digital learning have played a pivotal role in shaping the educational landscape of the country. Furthermore, increasing household incomes and a growing demand for high-quality education, combined with a substantial young population, offers a tremendous opportunity for expansion in the sector in coming years.
Pros and strengths
Market leading position in online higher education and upskilling space: Since the company’s launch in 2009, it has established its position as one of the early movers in the industry. Its focus on delivering flexible and accessible learning solutions to a broad demographic, supported by collaborations with both local and global Partner Institutions, a diversified portfolio, and customized learning delivery models, have positioned it to capitalize on the significant potential of India's online higher education and upskilling market. Additionally, its partnerships with top-tier universities ensure strong credential recognition, further strengthening its market leadership.
Comprehensive solutions to partner institutions and learners: The company is the one-stop solution for a university/institution looking to offer online, hybrid and in-person degree programs and certification courses. The National Education Policy, 2020, through its espousal of online education for lifelong learning opportunities, has enabled it to design its offerings to democratize education, by providing access to Learners from a wide range of backgrounds to its online platform and learning experience. Its value addition extends beyond course outreach through marketing and brand building, as it seeks to augment the quality of its Partner Institutions’ degree programs and certification courses so as to surpass industry standards.
High revenue predictability backed by long-lasting, robust client relationships: The partnership between online higher education and upskilling companies and institutions/universities is revolutionizing education by providing enhanced learning experiences, personalized learning pathways, and increased accessibility. These collaborations also foster global reach, cost-efficiency, and continuous innovation in pedagogy. The institutions gain access to the latest technologies and software solutions without having to invest heavily in research and development. Further, online education platforms facilitate a global reach, enabling educational institutions to offer degree programs and certification courses to a broader audience. This leads to increased enrolment and revenue streams for universities and colleges.
Proven track record in facilitating delivery of high quality and diversified offerings: The online higher education and upskilling companies exhibit a wide range of durations, accommodating the needs of Learners with short-term certificate courses (e.g., 6 weeks) to long-term doctoral degree programs (e.g., 36 months). This diversity caters to individuals with different time commitments and preferences, allowing for flexibility in choosing the duration of their educational journey. While a majority of the companies in this sector concentrate on certification courses, the company emphasizes both degree and certification domains.
Risks and concerns
Maximum revenue comes from few Partner Institutions: The company is dependent on a limited number of Partner Institutions for a significant portion of its revenue. For Fiscal 2025, it generated Rs 1,574.00 million which is approximately 62.40% of its revenue from operations from its top 5 Partner Institutions. The loss of one or more of its significant Partner Institutions or a reduction in the amount of business or fees it obtains from them or an adverse change in the determination of the fees that it receives from them could have an adverse effect on its business and results of operations.
Geographical constrain: Most of the company’s businesses are operated in and from the states in the Western region. Approximately 73.00% of its revenue from operations is derived from the Western region, as of March 31, 2025. 33.33% of its Partner Institutions operate in and from the states in the Western region, as of March 31, 2025. Such geographic concentration of its revenue and business operations, and its Partner Institutions, may restrict its results of operations and growth to the economic and demographic conditions of the Western region. Additionally, the management-oriented degree programs and certification courses typically attract more enrolments by the Learners. Any change in industry trends and demand drivers for the sectors in which the degree programs and certification courses are offered, may adversely impact its business, financial condition and results of operations.
Business is linked to the academic cycle, and is therefore subject to seasonality: The online higher education and upskilling sector experiences seasonal fluctuations due to the academic cycle. Revenue generation may dip during non-enrolment periods or in between exam cycles, while expenses, such as student recruitment and promotional activities, tend to spike during the start of new batches. This may cause quarter-to-quarter financial variability, where profitability may not be consistent throughout the year. Depending on the timing of commencement of the relevant degree programs and certification courses, it may recognize lower revenues in certain months or quarters of the year. For instance, its enrolments are higher in the July to September quarter, due to commencement of the academic session.
Stiff competition: The online higher education and upskilling industry has been experiencing rapid growth and evolution, driven by technological advancements, increasing internet penetration, and the growing demand for online education and skill development, thus transforming the way education is accessed and consumed in the country. The competitive landscape in the online higher education and upskilling industry is highly dynamic, as new players are emerging regularly, ranging from innovative startups to established tech companies diversifying their portfolios. These newcomers often bring fresh ideas, disruptive technologies, and unique learning approaches, intensifying competition and driving continuous innovation within the sector.
Outlook
Jaro Institute of Technology Management and Research is an online higher education company. The company has a Pan-India presence of over 22 offices-cum-learning centres across major cities for offline learning, apart from 17 immersive tech studio set-ups in the campuses of various IIMs, the company caters to a total of 34 Partner Institutions, as of March 31, 2025. The company has high revenue predictability backed by long-lasting, robust client relationships. On the concern side, the company derives a significant portion of its revenues from a few Partner Institutions and the loss of one or more such clients could adversely affect its business and prospects. Moreover, most of the company’s businesses are operated in and from the states in the Western region. Such geographic concentration of its revenue and business operations, and its Partner Institutions, may restrict its results of operations and growth to the economic and demographic conditions of the Western region.
The issue has been offering 53,19,148 shares in a price band of Rs 846-890 per equity share. The aggregate size of the offer is around Rs 450.00 crore to Rs 473.40 crore based on lower and upper price band respectively. Minimum application is to be made for 16 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 26.74% to Rs 2,522.63 million in Fiscal 2025 from Rs 1,990.45 million in Fiscal 2024. Moreover, profit for the year surged 36.06% to Rs 516.66 million in Fiscal 2025, compared to Rs 379.72 million in Fiscal 2024.
The company’s existing partnerships with top universities and institutions have provided a solid foundation for further enhancing these institutional ties. For the Fiscals ended March 31, 2025, 2024 and 2023, it has successfully enrolled approximately 37 to 88 freshers per year for Dr. D.Y. Patil Vidyapeeth (Deemed University) and maintain regular communication channels with the top Partner Institutions and their administration and placement officers. This enables it to strengthen its foothold in these institutions as well as expand its network of partnerships. Its deep market insight coupled with investment in technology, integration, content production, marketing, Learner and faculty support and other services necessary to create large, successful degree programs and certification courses has enabled it to grow its client base from 21 partnerships as of March 31, 2022, to 36 partnerships as of March 31, 2025, at a CAGR of 19.68%. It aims to expand its clientele by identifying additional top-tier universities and institutions whom it can partner with, by leveraging on its business intelligence, market insight and digital capabilities.
