home Uncategorized Edtech Platform Veranda To Raise INR 300 Cr Through Preferential Issue Jaspreet Kaur

Edtech Platform Veranda To Raise INR 300 Cr Through Preferential Issue Jaspreet Kaur

Listed edtech platform Veranda Learning on Thursday (September 15) said it would raise INR 300 Cr ($37.6 Mn) from its promoters and non-promoter entities through a preferential issue.

The company’s board approved issuing 77.97 Lakh equity shares to its non-promoter entities on a preferential basis at a price of INR 307 per share to raise INR 239 Cr ($29.9 Mn), the company said in an exchange filing. 

Besides, it will raise INR 61.4 Cr ($7.7 Mn) from its promoters through issuance of 20 Lakh convertible warrants at the same price of INR 307 per warrant.

The convertible warrants will be changed into equity shares within a time period of 18 months from the date of their allotment.

As per the filing, 25% of the convertible warrants, that is, INR 15.35 Cr will be paid to Veranda at the time of application. 

In May this year, Veranda got approval from its shareholders to raise INR 1,000 Cr through issuance of non-convertible debentures, bonds and other instruments. 

The edtech platform will use the debt and equity capital for growth through acquisitions. 

Founded in 2020, Veranda is a subsidiary of Kalapathy Group. It offers a slew of test preparation courses for various competitive exams including insurance, banking and railways, among others. Besides, it also offers skilling and upskilling courses to students as well as working professionals.

Earlier this year, Veranda acquired test-preparation coaching institute T.I.M.E for INR 287 Cr. 

In 2021, Veranda bought live tutoring startup Edureka for INR 245 Cr to expand its presence in Europe and North American markets.

It competes with the likes of Unacademy, upGrad and BYJU’S in the Indian edtech space. 

As per an Inc42 report, the size of the country’s edtech sector is projected to surge 3.7X to $10.4 Bn by 2025 from $2.8 Bn in 2020.

The post Edtech Platform Veranda To Raise INR 300 Cr Through Preferential Issue appeared first on Inc42 Media.

Listed edtech platform Veranda Learning on Thursday (September 15) said it would raise INR 300 Cr ($37.6 Mn) from its… NewsInc42 Media

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