By Brand Solutions

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In India’s dynamic education landscape, Jaro Institute of Technology Management & Research Ltd. (Jaro Education) has consistently managed to stay ahead of the curve and has been profitable on a stand-alone basis for the last 15 years of its existence. It’s a bootstrapped company and has been growing with its internal accruals.

From being among the first movers in online higher education and upskilling to becoming a trusted partner for premier institutions like IITs and IIMs, and other leading universities in India, they have successfully closed their Initial Public Offering (IPO) with an overwhelming response across investor categories. Overall IPO was oversubscribed by 23.20 times. The company will make its debut on the stock exchanges on September 30, 2025.

The subscription data revealed extraordinary investor appetite, with Qualified Institutional Buyers (QIB) showing 37.19x demand and Non-institutional Investors (NII) demonstrating even stronger interest at 37.32x oversubscription. Individual retail investors also participated enthusiastically, oversubscribing their allocation by 9.15 times.

The company had raised ₹135 crore from marquee investors like WhiteOak, Madhu Kela’s Singularity, Sunil Singhania’s Abakkus, Citi Global, 360 One, Societe Generale, LC Pharos, and Nomura. Pre-IPO investors include Utpal Sheth, Deven Choksey, Subhkam Ventures, and family offices of promoters of Supreme Industries and Polycab.

For FY25, Jaro Education reported net revenues of ₹254.02 crore and a PAT of ₹51.67 crore, a 3.43x increase from ₹12 crore in FY23. PAT margins expanded from 9% in FY23 to 20% in FY25. The company also declared a 10% dividend on a face value of ₹10 per share. Return ratios (ROE and ROCE) stood at over 35%, while annual admissions grew from 21,579 in FY23 to 31,434 in FY25, registering 46% growth.

Jaro Education has established strong institutional partnerships and currently works with 7 IITs, 7 IIMs, and over 22 leading universities like Symbiosis, Amity, Manipal, Loyola College, Welingkar Institute of Management, and the Indian Institute of Science (IISc). Major clients from IIMs and IITs include IIM Ahmedabad, IIM Kozhikode, IIM Mumbai, IIM Indore, IIM Tiruchirappalli, IIT Madras, IIT Delhi, IIT Guwahati, IIT Mumbai and IIT Kanpur. Collectively, these collaborations allow the company to offer approximately 268 degree and certification programs across disciplines such as management, finance, and business analytics. The company is an exclusive partner with Symbiosis and LIBA (Loyola College, Chennai).

Jaro Education’s leadership stability stands as a testament to its organizational strength, with the senior management team remaining unchanged for 13 years. CEO Ranjita Raman brings deep institutional knowledge with her 16-year tenure at the company, while key executives, including the CFO and Vice Presidents of HR and Marketing, have each contributed over 13 years of service on average. This exceptional leadership continuity has fostered strong institutional memory and unwavering commitment to the company’s growth trajectory.

What sets Jaro Education apart is its singular focus on online higher education and upskilling, where most competitors treat this as just one segment within diversified portfolios. This dedicated approach has enabled the company to develop deep domain expertise and superior market understanding. Additionally, the company’s technology-centric, asset-light business model enables scalable growth without heavy capital requirements, offering substantial expansion potential as market demand accelerates.

The growth for the company comes from adding newer universities and IITs and IIMs as clients, adding more programmes, more student admissions, and a fee increase once every two years.

The National Education Policy (NEP) announced by the Government of India and the post-COVID-19 remote learning push have had a big impact on the overall growth of Jaro Education’s business in the last five years. NEP has recognized that online degrees are on par with degrees, which has been a big confidence booster for both students and corporates while recruiting and considering them for their career growth in the organization. Besides under NEP, the Government of India would like to improve Gross Enrollment Ratio (GER) for higher education from the current 29% to 50% by 2035, which can only be possible by democratizing education by providing the best quality education from premier institutions like IITs, IIMs and reputed universities across India through their online MBA, Executive MBA and other certification programmes.

The company’s focused expansion in B2B would further increase its PAT margins from the current 20%. Currently company is focusing on using AI bots as counsellors besides their huge counsellor force of 800 and expecting good traction from this new initiative, and would eventually add more 400 counsellors in the months to come.

Besides company is expanding into Tier 2 and Tier 3 cities where the gems of India need access to quality education. Jaro Education’s share per admission from each student has moved from 43,000 in FY22 to 80,000 per student in FY25, which is a huge jump and is expected to increase this year on year basis. The online pie of higher education is growing because of its cost-effectiveness, which stands at 10% of the offline courses, and students can learn at their convenience. This supports all working professionals’ theme of “earn while you learn.”

The total addressable market for online higher education and upskilling was at Rs. 13,200 crore in 2013 and is going to grow at a CAGR of 25.7% by 2028 to Rs. 41,500 crore. ET has recently awarded the company as Edtech Leader of the Year.

The Big Four have been the auditors of the company for the last 10 years. Deloitte was the auditor of the company from 2015 to 2019, and BDO has been the auditor since 2020.

The net proceeds from the fresh issue will be used to strengthen marketing, brand building, and advertising activities (₹81 crore), prepay or repay certain borrowings (₹48 crore), and fund general corporate purposes.

Post-pandemic, the demand for flexible, career-oriented, and globally recognized certifications has only surged. Jaro Education, with its first-mover advantage and established partnerships with premium institutions, is uniquely positioned to capture this opportunity. By focusing on higher education and upskilling segments that directly impact employability, the company has tapped into a sticky and high-value learner base.