SUMMARY
This is second buyout by Veranda after acquiring Chennai Race in December 2020
Veranda plans an outlay of around $100 Mn for acquisitions over the next 6 months in the edtech space
It eyes expansion in Europe and North America
The Kalpathi AGS Group-owned Veranda Learning Solutions has acquired Edureka, a live-instructor-led online solutions provider for the IT industry.
The 100% acquisition marks Chennai-based Veranda Learning Solutions’ second buyout since December 2020.
As per a statement by Veranda, it is planning an outlay of around $100 Mn for acquisitions over the next 6 months to seize the opportunities opening up in the edtech space.
Founded in 2011 by Lovleen Bhatia, Kapil Tyagi and Vineet Chaturvedi, Edureka is known for pioneering live online classes based upskilling programs for working professionals.
Bengaluru-based Edureka partners with institutes like IITs, NITs and international universities like Purdue to offer training in Cloud Computing, DevOps, AI-ML, Data Science, Web Development, Cybersecurity, and other emerging technologies in addition to its own library of training resources.
Kalpathi Suresh, Executive Chairman, Veranda Learning Solutions: “Veranda 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 latest acquisition, the startup plans to expand its footprint in Europe and the North American markets as well, Suresh said.
Kalpathi Group forayed into the edtech space by launching Veranda Learning Solutions in 2020. It had 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 programs for CA and IAS aspirants this quarter under the brand of Veranda CA and Veranda IAS respectively.
Edtech has always been pegged as a great equaliser that could deliver access to good education in remote areas. According to Inc42 Plus analysis, the market size of edtech in India is estimated to grow 3.7x in the next five years, from $2.8 Bn (2020) to $10.4 Bn (2025).
