Veranda, an ed-tech company, on Monday announced that it has signed a definitive agreement to acquire TIME – an admissions coaching platform. This acquisition will be done for Rs 287 crore.
According to a press release issued by Veranda, this 100 per cent acquisition will happen in a phased manner with 80 per cent of the outstanding capital under management control in phase one, followed by purchase of the remaining 20 per cent at the end of two. years.
Kalpana Suresh, Executive Director & Co-Chairman, Veranda, said, “The acquisition of TIME allows Veranda to expand its national footprint with an asset that has been sent by nearly 50 per cent of all students admitted to IIMs. ” He also added, “Through this acquisition Veranda also diversifies the pre-school and language training space, which I believe are two strong pillars of growth.”
Manek Daruwalla, Founder and Director, TIME, said, “We are delighted to partner with Veranda on the journey ahead that TIME will undertake. We are confident that it will be a synergistic relationship and both the partners will benefit so much. More importantly, we believe it will help us provide even better products to our students.”
TIME provides training programs 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 entrance exams Is. International exams like GMAT, GRE, IELTS and TOEFL including campus recruitment training.
Pramod Kumar, Founder and Director, TIME, said, “The wide geographical reach of TIME will be a strong advantage for the combined entity. With almost all competitive exams in the online format, Veranda Learning and TIME combined strength training in the region to provide the highest standard in strength training. will be able to.”
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