Intel-backed education platform Vriti Infocom has closed its operations, according to a report on Indian technology news source Techcircle.
Intel Capital, semiconductor company Intel’s investment unit, invested in India-based Vriti’s $2.5m series A round in June 2008, as well as a $5m series B round in August 2010 in which venture capital firm JAFCO Asia also participated.
Vriti offered customers a software-as-a-service system that allowed students to check their performance in tests and take mock exams.
“When Aakash Institute and other clients left Vriti for its competitor, the VC investors of the company intervened, and [as a result] Vriti made some changes to its management,” an anonymous source told Techcircle.
“Jafco, the lead investor in Series B funding, brought Anil Pande to the company as its new chief executive [in September 2012]. [However] it did not solve things at the company, and now it has shut down.”