Veranda Learning Solutions announced that it has acquired 50% of equity shares in Tapasya Educational Institutions (TEIPL) through its subsidiary, Veranda XL Learning Solutions.
The company has valued TEIPL at Rs 240 crore. With this addition, Veranda wants to achieve the goal of reaching 1 million students by FY24.Tapasya has been providing services to 19 inter/PU colleges and 10 degree colleges across Telangana and Karnataka, with over 13,000 students. It provides management bandwidth and allied services to colleges offering advanced courses in Management and Commerce, nationally and internationally. It also facilitates students by providing professional courses like CA and CMA, as well as integrated programs.
Suresh Kalpathi, executive director and chairman of Veranda said, By having Tapasya under the Veranda umbrella, we will now have a significant footprint in the Telangana and Karnataka markets.
Muppala Sreedhar, founder and chairman of Tapasya Institutions, stated, This alliance reaffirms our unwavering commitment to nurturing talent, cultivating excellence, and sculpting the leaders of tomorrow who will shape the world with ingenuity and resilience.
Veranda Learning Solutions, part of the Kalpathi AGS Group, is a public listed education technology company that offers a bouquet of training programs for competitive exam preparation, including state public service commission, banking, insurance, railways, IAS, and CA, as well as a slew of professional skilling and upskilling programmes.
The company reported a consolidated net loss of Rs 17.26 crore in Q3 FY24 as against net profit of Rs 1.15 crore in Q3 FY23. Revenue from operations jumped 91.81% to Rs 91.84 crore in Q3 FY24 as compared to Rs 47.88 crore in Q3 FY23.
The scrip fell 2.67% to close at Rs 178.45 on Thursday, 28 March 2024.
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