Edtech firm Veranda Learning Solutions Ltd. announced on Monday that it will be acquiring T.I.M.E. Institute for a consideration of Rs 287 crores.
T.I.M.E. is a test-prep firm established in 1992 which operates in 98 cities throughout India. It holds a substantial market share for MBA exams like CAT, MAT and CMAT. It also provides preparations in NEET, CLAT, JEE (mains & advanced) and other exams of national or state level. It also has a preschool chain called T.I.M.E. Kids which operates in 56 cities.
Veranda learning will acquire 100% of the test-prep chain and the acquisition will take place in a phased manner of 80% now and 20% after two years.
“The acquisition of T.I.M.E. allows Veranda to expand its national footprint with an asset that has known to have sent around 50% of all students admitted into the IIMs. T.I.M.E. which was one of the pioneers of online testing methodology in India also gets to leverage Veranda’s core-engineering skills to make it the best in hybrid offering which will now include best-in-class products for each of its programmes,” said Kalpathi Suresh, Executive Director cum Chairman, Veranda.
“We are delighted to be partnering with Veranda on the journey ahead that T.I.M.E. will be undertaking. We are confident that this will be a synergistic relationship and that much benefit will accrue to both partners. More importantly, we believe that it will also help us provide an even better product offering to our students,” said Manek Daruvala, Founder and Director of T.I.M.E.
The shares of Veranda Learning Solutions Ltd. we’re listed on 11th April 2022 and have been rising 5% on a daily basis since listing. It opened at Rs 125 per share and currently trade at Rs 203.30 per share, a 62.6% gain in a span of 2 weeks.
Highlight by Aman Agarwal.