Veranda Learning Solutions files for DRHP for Rs. 200 Crore IPO
- ByTejika Bajaj | November 13, 2021
The ed-tech startup Veranda Learning Solutions has joined the queue for the new-digital IPO-bound companies by filing a Draft Red Herring Prospectus with SEBI to raise a sum of Rs. 200 crore. The proposed IPO would consist of fresh issue of shares.
The startup might also consider a Pre-IPO placement of equity shares valuing $50 million for cash consideration prior to filing the Red Herring Prospectus.
The Chennai based platform aims to utilize Rs. 60 crore of funds for repayment of debt. The total debt of the company in the preceding year was Rs. 160.78 crore. Furthermore, it plans to use Rs. 50 crore for growth initiatives while the remaining amount would be utilized for general corporate purposes.
Founded in 2020 by the Kalapathi Group, Veranda Learning Solutions is an ed-tech platform which provides live, recorded and expert lectures to the students from diverse fields. The company aims to foster affordable, assisted and result-oriented learning for students. Till date, the company has acquired two learning platforms- Chennai Race and Edureka.
The ed-tech platform has also planned an outlay of $100 million for acquisitions over the next 6 months in an attempt to foray into the ed-tech space.
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