In one of the most ambitious moves yet in India’s private education sector, global private equity behemoth Blackstone is in advanced discussions to acquire a majority stake in Jaipur-based Globetrotters Educational Innoventions, the operator of Jayshree Periwal International School (JPIS).
The multi-stage plan is expected to culminate in the creation of a $600-700 million India-focused K–12 education platform, people familiar with the matter told ET.
Initial conversations centre around a $150-200 million investment, but the final contours may evolve as negotiations progress. The acquisition would give Blackstone a significant footprint in one of the fastest-growing segments of India’s education landscape — premium international schools.
A strategic anchor
Multiple market assessments show why Globetrotters and JPIS are being viewed as the ideal anchor asset for Blackstone’s proposed education platform.
Founded in 2011, the Periwal-led group runs the flagship IB programme at JPIS along with six premium pre-schools. With over 4,000 students, consistently rising enrolments, and a teacher-student ratio of roughly 1:8, the institution has grown into one of North India’s most respected K–12 brands.
Financial disclosures indicate strong fundamentals: operating revenues rose from ₹96.9 crore in FY23 to around ₹116 crore in FY24, and are projected to cross ₹145 crore in FY25, with net profit more than doubling year-on-year.
Globetrotters’ low debt, steady margins and robust cash flows — rated healthy by independent credit agencies — make it a textbook private-equity asset.
For Blackstone, the school offers brand strength, scalability, and a proven management team. Under the proposed structure, the Periwal family — led by founder-chairperson Jayshree Periwal and CEO Ayush Periwal — will continue to run day-to-day operations while Blackstone anchors and expands the platform.
Premium school boom
The move comes at a time when India’s private K–12 sector is experiencing unprecedented demand. The country’s education market is currently valued at USD 50–92 billion, with projections placing it between USD 89-256 billion by 2030-33.
The premium ICSE / IB / IGCSE segment — targeted by aspirational families seeking global-quality education — is expanding even faster. Analysts project the premium school market to surge from ₹310 billion today to nearly ₹700 billion by 2032, driven by rising incomes, urbanisation, and demand for international curricula.
States like Rajasthan offer a telling snapshot: Nearly 49.9 per cent of school-going children are now enrolled in private schools, surpassing government institutions despite fewer private campuses. This shifting preference strengthens Blackstone’s thesis that premium private education will be a high-growth, high-yield sector over the next decade.
Blackstone’s India thesis
Blackstone is no stranger to the country’s education sector. In 2021, it acquired a controlling stake in edtech major Simplilearn for $250 million and previously invested in Aakash Educational Services, later selling its stake to Byju’s in a marquee transaction estimated at $950 million.
Globally, the firm has built a portfolio across edtech, K–12, and corporate learning through investments in Renaissance, Ellucian, Articulate and others. Education, the firm has repeatedly stated, is a “high-conviction thematic area” in its long-term investment strategy.
Sources say the proposed JPIS deal mirrors Blackstone’s successful model in other sectors — such as healthcare (Care Hospitals, KIMS Health) and automotive technology — where the firm builds a platform, consolidates quality assets, professionalises operations and scales rapidly before a strategic sale or public listing.
Pan-India school network on cards
If completed, the JPIS acquisition will trigger a roll-up strategy aimed at consolidating premium schools across major metros. Blackstone will deploy capital to help Globetrotters expand beyond Rajasthan, upgrade infrastructure, standardise governance, and add new schools through greenfield and brownfield opportunities.
Such a platform could, within a few years, rival the scale of international K–12 operators in the Middle East, the UK and Southeast Asia — markets where large private equity-led school groups already attract multi-billion-dollar valuations.
A step closer to global education
Blackstone has declined to comment on the negotiations. Emails to Jayshree Periwal and Ayush Periwal remain unanswered. But industry insiders say the proposed acquisition signals a deeper shift — India’s premium school sector is entering a new phase where global capital, brand consolidation, and platform-led expansion will shape the market’s future.
If the deal goes through, it could become one of Blackstone’s most strategically significant investments in India outside healthcare — positioning the firm at the forefront of the country’s rapidly evolving education ecosystem.