EQuest said the fresh capital will be used to finance its expansion plans and advance its mission to provide students in Vietnam with affordable access to world-class education.
The company, formed through a merger in 2013 between EQuest Academy and other local education companies, is one of the largest private education institutions in Vietnam, with more than 110,000 students enrolled each in 18 member units.
EQuest focuses on four core segments: K-12 bilingual schools, tertiary and vocational institutions, English enrichment courses, and digital learning solutions.
Nguyen Quoc Toan, co-founder and CEO of EQuest, said access to high-quality education and intensive English-language training is crucial for Vietnamese students to achieve their full potential.
“By making the access affordable at a disruptive cost, EQuest is committed to delivering world-class education and bringing accredited, world-class curriculum to more Vietnamese students to improve their competitiveness in the global arena,” Nguyen said.
He added that with the support of KKR, EQuest will be able to advance its mission to provide quality learning for Vietnam’s millions of students and contribute to the development of a skilled workforce that will support the country’s long-term growth aspirations.
Vietnam has a growing middle-class population with rapidly increasing demand for better education. With continued trends of globalization, English has become an essential employability skill, with proficiency in the
language a high priority area for Vietnam’s national education goals.
The Vietnamese government has also earmarked digital learning solutions as a strong area of focus as it seeks to further improve access to education.
“As Vietnam continues to elevate on the world’s economic stage, access to affordable, high-quality education solutions plays an important role in meeting the nation’s objectives,” said Ashish Shastry, co-head of Asia Private Equity and head of Southeast Asia at KKR.