Comments
Veranda Learning Solutions announced it is acquiring chartered accountancy (CA) test-prep provider JK Shah Education Pvt Ltd through its wholly owned subsidiary Veranda XL Learning Solutions.
In a regulatory filing, the Chennai-based edtech platform said the transaction will be completed in two phases, with the payment of 76 per cent of the outstanding capital in the first phase. The transaction will be funded through a combination of debt and equity.
“This acquisition is a crucial breakthrough into high-demand courses such as CA, as well as a bouquet of financial and commerce courses. We believe, with Veranda’s strength and technological capabilities coupled with JK Shah Classes’ strong brand recognition and legacy, we will both reach greater heights in the coming years,” Kalpathi S Suresh, Chairman and Executive Director, Veranda Learning Solutions, said in the release.
He added that Veranda will help establish JK Shah Classes’ presence in the south, north and east of India, along with strengthening its online and hybrid offering.
Headquartered in Mumbai, JK Shah Classes is a leading coaching institute for CA, CS, and CMA course aspirants for the last 39 years. It currently operates through 75 centres in 39 cities. Prof JK Shah will remain Chairman for Life on the board and guide the growth strategy of the company.
JK Shah Classes has been coaching around 90,000 students each year and has produced 1,870 CA rankers since 2001 and 214 CS rankers since 2016. Notable alumni include industrialist Kumar Mangalam Birla, Union Commerce Minister Piyush Goyal, and Kotak AMC MD Nilesh Shah.
The acquisition “will allow us to leverage their technological prowess and deep network to further strengthen JK Shah Classes’ network and offerings. This is a step forward in our journey and will help us provide offerings across different modalities”, JK Shah was quoted in the release.
The release added that Pooja Shah and Vishal Shah will continue to lead the day-to-day operations as chief operating officers.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.