- Edtech platform Veranda Learning has signed an agreement to acquire test-preparation institute T.I.M.E. for INR 287 Cr.
- Veranda is the Edtech arm of Kalapathy Group and offers test prep courses for competitive exams like banking, insurance, and railways, among others.
- The acquisition will allow Veranda to expand its footprint across the country.
- T.I.M.E is a leading test preparation institute with a pan-India presence, operating in 188 centres, including franchisees, across 98 Indian cities.
Edtech platform Veranda Learning has signed an agreement to acquire test-preparation institute T.I.M.E. for INR 287 Cr.
Veranda is the Edtech arm of Kalapathy Group, Founded in 2020. It offers test prep courses for competitive exams like banking, insurance, and railways, among others. It even offers a slew of courses in the skilling and upskilling domain.
The acquisition will allow Veranda to expand its footprint across the country. With this deal, Veranda will also introduce test-preparation services for MBA, NEET, and JEE.
T.I.M.E is a leading test preparation institute with a pan-India presence, operating in 188 centres, including franchisees, across 98 Indian cities. Its headquarter is in Hyderabad.
Furthermore, it offers training programs for national and state-level entrance tests such as CAT, MAT, CMAT, CLAT, JEE mains & Advanced, NEET, IPM, BBA, CUET, GATE, Bank PO, SSC, state-level admission exams and international exams such as GMAT, GRE, IELTS, and TOEFL.
Amoha Education Private Limited, a subsidiary of T.I.M.E., offers spoken English classes since 1981. It offers spoken English training in physical classroom mode as well in the distance education mode. There is a chain of pre-schools under the T.I.M.E. Kids brand. It is operating through 222 pre-schools in 56 cities.
In a press release, Veranda Learning said that the acquisition will be done in a phased manner. The 80% of the outstanding capital along with management control will be done in phase 1. It will be followed by the purchase of the remaining 20% at the end of two years, subject to the fulfilment of closing conditions.
Veranda Learning’s board of directors approved the acquisition at their meeting held on Monday (April 25). The board, among other resolutions, have also approved an increase in its authorised capital from INR 60 Cr to INR 100 Cr and an increase of investment limits from INR 750 Cr to INR 1,000 Cr.
In 2021, Indian Edtech startups raised close to $4.7 Bn across 165 deals. And of that, BYJU’s alone raised about $1.9 Bn. Last year, India also produced three new unicorns in the Edtech sector – Eruditus, upGrad, and Vedantu.
Newton School raised $25 million as part of a funding round led by Steadview Capital earlier this month. In March, Delhi NCR-based Edtech startup Classplus bagged $70 Mn in a Series D funding round, led by Alpha Wave Global and Tiger Global. In the same month, another Edtech startup Saarthi Pedagogy also raised about $2.1 Mn as a part of its Pre-Series A funding round, led by Pinnacle Investments.
It is estimated that the Indian Edtech market was pegged at $2.8 Bn in 2020 and is estimated to grow to $10.4 Bn by 2025.