US private equity giant Blackstone is reportedly in discussions to acquire a majority stake in Jaipur-based Globetrotters Educational Innoventions, the operator of Jayshree Periwal International School (JPIS), according to multiple people familiar with the matter.
As part of this deal and other planned acquisitions, Blackstone aims to build a large-scale education platform with a total investment of $600–700 million (Rs 5,317–6,203 crore), one person said.
“The talks with Globetrotters are at an early stage, but the initial conversations are centered around the fund investing $150-200 million,” a second person noted. “The final deal contours could change as the negotiations proceed.”
Post-acquisition, Blackstone will work on expanding JPIS beyond Rajasthan while keeping the schools under the existing leadership of founder and chairperson Jayshree Periwal and CEO Ayush Periwal, the person added.
Blackstone, which manages $50 billion in Indian assets, has prior exposure to the education sector. In 2021, it acquired a controlling stake in edtech firm Simplilearn for $250 million and also invested in Aakash Educational Services, later selling the stake to Byju’s in a cash-and-stock deal estimated at $950 million.
The proposed JPIS acquisition mirrors Blackstone’s strategy in the healthcare sector, where it acquired CARE Hospitals and KIMS Health for a combined $1 billion. The firm also created an EV-focused automotive tech platform with Sona BLW Precision Forging and Comstar Automotive Technologies.
Globetrotters currently operates the flagship JPIS in Jaipur and six preschools. The institution, founded in 2011, previously operated as Step by Step International School and now follows the IB curriculum.
Step by Step Shiksha Samiti, run by the Periwal family, manages two additional schools in Jaipur, but the deal will likely exclude them since private equity firms cannot directly invest in schools or educational societies in India.
Globetrotters recorded operating revenue of Rs 135.2 crore in FY25, up 16%, as per the latest RoC filings. Net profit jumped to Rs 22.5 crore from Rs 10.7 crore in FY24.
India’s education space has seen significant private equity interest earlier as well. In 2019, KKR acquired Eurokids for about $200 million from Gaja Capital. Although KKR explored selling Eurokids last year, it stepped back, seeing strong growth potential in the sector. Meanwhile, homegrown investors Kedaara Capital and Peak XV Partners hold stakes in K12 Techno Services, the operator of Orchids International School.
