Kalpathi Group's Veranda Acquires Chennai Race For INR 100 Cr
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The Kalpathi Group owned edtech platform Veranda Learning Solutions on Monday announced it has acquired Chennai Race for INR 100 crore that includes stock and earn out. The deal will lead to the launch of a new brand named Veranda Race.
Chennai Race is a coaching institute for banking, SSC and PSC exams. The startup claim to have filled 78 per cent of the public sector bank state vacancies in Tamil Nadu. Chennai Race during its last financial year registered sales of about INR 45 crore and has trained over 200,000 students so far backed across the states of Tamil Nadu, Kerala, Karnataka and Punjab.
Under the new brand, Veranda Race will initially offer result-oriented online training programmes for banking, staff selection commission and TNPSC. By the end of next year, Veranda Race plans to launch course content in 11 Indian languages.
Suresh Kalpathi, chief executive officer (CEO), Veranda Learning Solution, said “In Race, we see an alignment with our philosophy of rigor and discipline in its education delivery, focus on outcomes and affordability to the real India. We expect Veranda Race to grow significantly in the coming months and years with addition of more products and languages. Race is a great brand to bring under our newly launched venture, as it opens new possibilities in the core areas of our business. The acquisition of Race will bolster our offerings and will further define our position in the sector.”
Veranda Learning Solution, edtech arm of the Kalpathi Group, provides training programmes for competitive exams in India and abroad such as in IIT JEE, NEET, GRE/TOEFL/IELTS/GMAT, IAS and others.
Talking at the launch of the programme, Bharath Seeman, promotor of Chennai Race and head of Veranda Race, said “The Veranda Race programmes are set for rollout nationally, in the coming months, targeting a revenue of INR 50 crore in the first year. By the end of 2021, our content will be available in 11 Indian languages and we would be training around 50,000 to 60,000 students across the country. We have priced our courses around INR 7,500 which includes course materials and mentoring support.”