Veranda Learning Solutions, a publicly traded company specialising in comprehensive education solutions, has disclosed plans to acquire a 50% stake in Tapasya Educational Institutions Private Limited (TEIPL) for a sum of Rs 120 crore. This transaction will be facilitated through Veranda XL Learning Solutions Private Limited, a subsidiary of Veranda Learning, according to an official release.
Established in 2009, Tapasya Educational Institutions claims to serve 19 Inter/PU colleges and 10 degree colleges in 13 locations across Telangana and Karnataka, catering to a student population exceeding 13,000. The institution covers a spectrum of educational services, encompassing Intermediate, Pre-University, B.Com, BBA, CA, CMA and Integrated programmes. TEIPL is anticipated to generate a revenue of Rs 65 crores with an EBITDA of Rs 26 crores for the fiscal year 2024, the release mentioned.
“Joining forces with Veranda Learning Solutions marks a significant milestone for Tapasya. We believe that our shared vision for educational excellence and Veranda’s proven track record will result in a powerful synergy, benefiting students and educational stakeholders,” Muppala Sreedhar, founder, chairman, Tapasya Institutions, said.
This acquisition is mutually beneficial for both Veranda Learning and Tapasya. Veranda claims that its strategic vision is to be involved in every aspect of a student’s learning journey and the addition of Tapasya will enhance its portfolio in the Commerce Higher Education sector. By tapping into Tapasya’s established network, Veranda Learning aims to expand its offerings in CA and other competitive exam courses, leveraging regional expertise.
“The goal is to touch one million students in FY24 and this endeavour of ours will take us in that direction. Tapasya’s strong presence in Telangana and Karnataka perfectly complements our expansion strategy. Together, we look forward to creating a more robust and integrated educational ecosystem for students in these regions,” Suresh Kalpathi, executive director, chairman, Veranda Learning Solutions, said.