Jaro Education is a bridge between India’s top academic institutions and working professionals who need a degree or certification to move ahead - without quitting their jobs. Founded in 2009 by Dr. Sanjay Salunkhe as a self-funded, profit-making company, it has spent 17 years building an asset-light model that manages everything around the classroom - admissions, counselling, technology, and fee collection - while the university owns the content and the degree. The recurring approach is a partnership flywheel: win an exclusive mandate from a premier institution, use a scaled counselling engine to fill its programmes with learners, and then use that track record to win the next institution. # Business segments A single education-platform engine - an end-to-end programme enabler for universities - with three early-stage distribution extensions and a technology backbone that serves them all. ## 1. Online higher education and upskilling: the programme-management engine **Jaro acts as the outsourced growth partner for India’s premier institutions, earning a share of programme fees in return for filling classrooms and running everything except the teaching.** - **Paid as programmes run** - revenue is a share of the fees learners pay, recognised over the life of a programme; a two-year MBA generates fees over roughly 18 months, so committed enrolments (gross bookings of ₹72,721 lakhs in FY26) turn into revenue gradually. - **Exclusive at the programme level** - partnerships are locked in programme by programme, meaning no competitor can access that institution for that specific degree or certification while Jaro holds the mandate. The Symbiosis International relationship alone generated roughly ₹450 crore in gross fees over three years and was renewed for five years in December 2025. - **The counselling team is the moat** - a scaled, pan-India sales force converts working professionals into enrolled learners through data-led lead acquisition and customised counselling playbooks, something universities find structurally difficult to replicate in-house. Customer acquisition cost through performance marketing was ₹44,788 in FY26. - **Degrees pay the bills, certifications are the growth bet** - degree programmes (MBA, M.Com, MCA and others) made up roughly 70% of the catalogue and nearly 87% of revenue in FY26, but certification programmes have grown from about a fifth of the catalogue in FY22 to nearly a third, tracking the industry shift toward shorter upskilling formats. - **The portfolio is broad and getting broader** - 279+ programmes span MBA (142), technology (33), data science (12), finance (11) and more, with 12 live AI and Generative AI programmes across IIT Delhi, IIT Roorkee, XLRI and IIM Indore. In FY26, 18 new programmes were launched across eight Tier-1 institutions including IIM Ahmedabad, IIT Bombay and IIT Madras. ## 2. Corporate learning: the enterprise channel **The same programme portfolio, sold into corporate learning-and-development budgets rather than to individual professionals - early-stage but already serving 14-plus clients.** - **A new pipe for existing programmes** - launched in FY26, the B2B vertical takes the same partner-institution programmes and sells them to companies that want structured upskilling for their employees, with clients including HDFC Bank, HSBC, HCLTech and Škoda Auto Volkswagen India. - **Proof of demand in one programme** - a “Next Generation AI Business Master Class” with IIT Madras upskilled more than 2,000 learners through corporate partners in a single quarter. ## 3. J.K. Shah Classes online: the commerce-coaching extension **An exclusive online partnership that pairs Jaro’s delivery infrastructure with a brick-and-mortar coaching brand that already trains over 50,000 students a year.** - **Content from them, platform from Jaro** - J.K. Shah Classes provides the faculty and CA/CS/CMA/CFA/ACCA curriculum; Jaro provides the technology and learner support to take those programmes online, targeting roughly 42 lakh B.Com students across India. - **Physical and online stay separate** - J.K. Shah runs its own classroom centres; Jaro handles the digital delivery exclusively, so the two channels do not compete. ## 4. Jio Ecosystem access: the living-room distribution pipe **A collaboration that puts free learning content onto Jio set-top boxes, extending reach into households beyond the core working-professional audience.** - **Distribution, not a new product** - the partnership with Jio Fiber, Jio Air Fiber and Jio Store surfaces expert-led learning to households in metro, Tier-2 and Tier-3 markets, using Jio’s broadband subscriber base as a discovery channel. # Technology and AI infrastructure **Jaro does not create academic content, but it builds and runs the digital rails - studios, learning-management systems and AI tools - that make online programmes work for institutions and learners.** - **Studios on campus** - 19 immersive tech studios are embedded across seven IIM campuses (Ahmedabad, Trichy, Nagpur, Kozhikode, Visakhapatnam, Indore and Mumbai), with Jaro’s IT staff on-site to record and deliver lectures. - **Three learning-management systems** - the company deploys three LMS platforms with enrolment, delivery and interactive features, giving each partner institution a ready-made digital classroom. - **AI for programme design and learner conversion** - Insights from CRM, past cohorts and industry surveys inform programme design, while learner-facing tools include an Upskilling ROI Calculator, a Skill Calculator and an AI chatbot for real-time queries. # Group structure and partners **A single-entity company with no subsidiaries, run by a leadership team that has been in place for more than a decade.** - Jaro Institute of Technology Management and Research Ltd operates as one standalone entity with no subsidiaries, joint ventures or associates, reporting a single business segment: Education Programme Services. - The Board has six directors - three of them women - and the company employs 957 people with a 49% female workforce. The CEO, Ranjita Raman, is an IIM Ahmedabad alumnus who has led the business since 2010. - The company listed on BSE and NSE on 30 September 2025, and its statutory auditor issued an unmodified opinion on FY26 financials.