The transaction, valued at over INR 100 crores that includes stock and earn out, now leads to the launch of a new brand, called Veranda Race. Veranda Race will initially offer result oriented online training programs for Banking, Staff Selection Commission and TNPSC. By December 2021 Veranda Race is planning to launch course content in 11 Indian languages.
“In Race, we see an alignment with our philosophy of rigor and discipline in their education delivery, focus on outcomes and affordability to the real India. We expect Veranda Race to grow significantly in the coming months and years with the addition of more products and languages,” Suresh Kalpathi, CEO, Veranda Learning Solution said.
He went on to add that the company was looking at more acquisitions going forward to further strengthen
“We plan to launch at least five more verticals in the next 12 months. We will be launching something, if not monthly, every quarter at least,” Suresh said. “The vertical itself will have its own set of launches so Veranda Race will have its own set of launches, apart from the parent company’s launches.”
During the financial year 2019-20, Chennai Race recorded sales of about INR 45 crores and has trained over 200,000 students across the states of Tamil Nadu, Kerala, Karnataka, and Punjab.
“The Veranda Race programs are set for roll out nationally, in the coming months, targeting a revenue of Rs 50 crores in the first year. By the end of 2021, our content will be available in 11 Indian languages and we would be training around 50,000 to 60,000 students across the country. We have priced our courses around INR 7500/- which includes course materials and mentoring support,” Bharath Seeman, Promotor of Chennai Race & Head of Veranda Race said.
Speaking of the potential in the space, Suresh said every 2 out of 3 banking vacancies being filled up in Tamil Nadu is a Race student and said that in Tamil Nadu alone, over 30 lakh people write the PSC exam. “Even at a fee of Rs 7500, it is a Rs 2500 crore market in Tamil Nadu alone and we will expand by bringing in different languages and tailoring the course to suit the PSC programmes in different states.”