NEW DELHI — A job class consultancy that had been valued at $600 million has been valued by a new private equity firm at $130 million, the latest in a series of deals for the job class.
Jobclass said Wednesday it had sold its consulting business, Jobclass Network, to the investment firm LKP Capital Partners, which also owns the company that created the job-based job platform.
The deal is subject to regulatory approval.
The new company will be known as Job-Class Inc.LKP’s other investors include American Express and State Street Global Advisors.
The sale of the job market consulting business is one of a number of deals announced in the past few months by India’s government, which is in the midst of a nationwide anti-corruption campaign that has put the spotlight on the role of political elites and businesses in corruption.
The government has also launched a $10 billion-plus stimulus package, in part to boost the economy, and has said that it is willing to support private equity and venture capital firms in their efforts to grow the economy.
Lack of competition, corruption and lack of job security have put pressure on the job markets, which have seen a sharp increase in the number of job postings since the start of the year.
About 4.5 million people are employed in the job sector, the largest in the world.
The job class was founded in 2005, and the job listings on its site were seen as a reliable source of job information for job seekers.
The deal will be a “transformational step” for the Indian job market, Job-class CEO Ankit Tripathi said in a statement.
“With a growing economy and a rapidly growing workforce, the job space is in need of an update, and our job class platform provides this,” he said.LKKP, which was formed in 2012 by a consortium of U.S. investment firms including Blackstone Group and Google Ventures, said it would also help build and operate Job-Group India, a platform for job-seekers to get job offers.
It has been selling its job class consulting business to a Chinese company, China Job Group, for $50 million, and a U.K.-based investment firm, Winton Capital, for about $75 million, according to a person familiar with the matter.
The sale comes after LKp, founded by venture capitalist Andreessen Horowitz and former U.P. chief technology officer Raja Koduri, took a stake in Job-Network in 2014.
In a statement, Koduri said that Job-Net will continue to serve its users, “while LKKP will focus on growing and growing our portfolio of investment opportunities for India and beyond.”