Veranda Learning Solutions Limited (“Veranda”), a publicly listed education company, has announced that it acquired 50 per cent of the equity shares of Tapasya Educational Institution Private Limited (“TEIPL” or “Tapasya”) through its subsidiary, Veranda XL Learning Solutions Pvt Ltd, valuing TEIPL at Rs 240 crores.
Tapasya has been providing services to 19 inter/PU colleges and 10 degree colleges across Telangana and Karnataka, with over 13,000 students. Tapasya provides management bandwidth and allied services to colleges offering advanced courses in management and commerce, both nationally and internationally. Tapasya also facilitates students by providing professional courses like CA and CMA, as well as integrated programs.
Suresh Kalpathi, Executive Director and Chairman of Veranda Learning Solutions, expressed his enthusiasm about the collaboration and 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, said, “The partnership with Veranda marks a momentous leap forward for Tapasya Institutions. 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.”
Recently, Veranda Learning announced that the group received approval to raise funds for an amount up to Rs 425 crore by way of issuance of non-convertible debts (NCDs) to funds managed and/or arranged by BPEA Investment Managers Private Limited (BPEA Credit). This move aims to fuel the company's growth trajectory by financing acquisitions, refinancing existing loans, and bolstering working capital requirements, as per a company statement.
The NCD is part of a larger fund raise to be completed in the next three to six months. The company will balance its risk profile by raising equity-like instruments in the future. This will be used for further acquisitions and to fill the gaps in the Veranda ecosystem. The company is expected to complete these acquisitions by the first half of FY25, strengthening its position as a market leader in the education sector.
