The Kalpathi AGS Group-owned Veranda Learning Solutions has acquired edtech Edureka, a live-instructor-led online solutions provider for the IT industry for Rs 245 crore.
This 100 per cent acquisition marks Veranda Learning Solutions' second buyout since December 2020.
Veranda is planning an outlay of Rs 737 crore for acquisitions over the next six months to seize the opportunities opening up in the edtech space, the company said in a statement on Thursday.
Kalpathi Suresh, Executive Chairman of Veranda Learning Solutions, said the company is in active discussion with multiple targets for acquisition to create a multi-modal platform that spans test prep, upskilling and supplemental education.
"With the current acquisition, we are poised to expand our footprint in Europe and the North American markets as well. For me personally, getting back into software education is exciting and sets the stage for us to again do our part in meeting the rising demand for high-end skills in the country."
Kalpathi Group forayed into the 1.96 billion dollar ed-tech space by launching Veranda Learning Solutions with aspirations to create a world class enterprise with Indian values.
Veranda is India's first comprehensive 360-degree online education platform. It is building a unique online platform that will combine the best of technology, processes and methodologies to deliver high-quality content.
Focused on academic outcomes for its students, the company adopts a multi-modal delivery system backed by a rigorous and disciplined learning framework.
Veranda acquired the online business of Chennai Race, a coaching institute for banking, SSC and PSC exams in late FY2020 and launched Veranda Race. The company has also launched programmes for CA and IAS aspirants this quarter under the brand of Veranda CA and Veranda IAS respectively.
( With inputs from ANI )
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