Veranda Learning To Acquire Test-Prep platform T.I.M.E. For INR 287 Crore
- ByStartupStory | April 26, 2022
Leading Edtech Platform Veranda Learning has signed an agreement to acquire Test-Prep Institute T.I.M.E. for INR 287 Crore. This new acquisition is expected to help the Edtech firm expand its footprint across India.
Once the deal gets finalised, it will also be marking Vernad’s entry into NEET, JEE, and M.B.A. test-prep segment. Veranda said in a statement that the 100% acquisition of Hyderabad-based T.I.M.E. will be in a phased manner with 80 percent of the outstanding capital along with management control in phase 1, which will be followed by the purchase of the remaining 20% at the end of two years, subject to fulfillment of closing conditions. Indian edtech startups had a field day in 2021, raising close to $4.7 Bn across 165 deals.
Kalpathi Suresh, who holds the post of executive director and chairman at Veranda, said,” The acquisition of T.I.M.E. allows Veranda to further expand its national footprint with an asset that has known to have sent nearly 50% of all students admitted into the I.I.M.s. T.I.M.E., which was one of the pioneers of online testing methodology in India, also gets to leverage Veranda’s core-engineering skills to make it the best in the hybrid offering, which will now include best-in-class products for each of its programmes”
Commenting on this new development, T.I.M.E. ‘s founder and Director, Manek Daruvala, said,” We are very confident that this will be a synergistic relationship and that much benefit will accrue to both the partners. More importantly, we believe that it will also help us provide an even better product offering to our students”. Currently, T.I.M.E has a pan-India presence and operates through 188 centers, including franchises spread across 98 Indian cities.
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