Chennai-based edtech company Veranda Learning Solutions signed a definitive agreement to acquire T.I.M.E., a test-prep institute for ₹287 crore.
In a press release, Veranda Learning, which recently got listed in the bourses, said that the acquisition will happen in a phased manner with 80 per cent of the outstanding capital along with management control in phase one, followed by the purchase of the remaining 20 per cent at the end of two years. All these are subject to the fulfilment of closing conditions, it added.
“Veranda as a brand delivers high-quality education that drives outcomes at an affordable price to learners including Tier II/III towns. The acquisition of T.I.M.E. allows Veranda to expand its national footprint with an asset that is known to have sent around 50 per cent of all students admitted into the IIMs,” Kalpathi Suresh, Executive Director-Cum-Chairman, Veranda, was quoted in the release.
Headquartered in Hyderabad, T.I.M.E. is a leading test-prep institute with a pan-India presence operating through 188 centres, including franchisees spread across 98 cities. It has trained around 22 lakh students since its inception in 1992.
Manek Daruvala, Founder & Director, T.I.M.E. said, “We are delighted to be partnering with Veranda on the journey ahead that T.I.M.E. will be undertaking. We are confident that this will be a synergistic relationship and that much benefit will accrue to both partners.”
T.I.M.E. offers training programmes for national and state-level entrance exams like CAT, MAT, CMAT, CLAT, IIT Foundation, JEE mains & advanced, NEET, IPM, BBA, CUET, GATE, Bank PO, SSC, State-level admission exams and international exams like GMAT, GRE, IELTS and TOEFL including campus recruitment training.
In November 2020, Veranda Learning Solutions acquired Chennai-based Race Academy, which offers offline coaching for banking and various other state and central government exams. In September 2021, it acquired Bengaluru-based upskilling platform Edureka to expand its product portfolio.
Through its four subsidiaries, Veranda Learning offers diversified and integrated learning solutions in online, offline, hybrid and offline blended formats to students, graduates, professionals and corporate employees. Its course offerings include State Public Service Commission, Banking, Insurance, Railways, IAS and CA, as well as a slew of professional skilling and upskilling programmes in trending technologies.