Veranda set to buy 7 edtech companies for Rs. 400 crore

June 01, 2023 12:00 am | Updated 05:47 am IST - CHENNAI

The acquisition will be funded by through borrowings, while the internal accruals will be used for working capital requirement and integration

Veranda Learning Solutions is on the verge of acquiring seven edtech firms via wholly owned subsidiary Veranda Administrative Learning Solutions Pvt. Ltd. (VALS) for Rs. 400 crore, ED and Chairman Kalpathi S. Suresh said.

The entities — Educare Infrastructure, Six Phrase, Smart Bridge, Talent Academy, Talent Publications, Phire Learning, and Bassure — would function under VALS as a single entity with respective brand names. “It is a cash (Rs. 120 crore)-cum-stock (Rs. 280 crore) deal,” Mr. Suresh said during an interaction.

“We expect the transaction to close in a month.”

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