Edtech firm CollegeDekho has acquired its peer firm Getmyuni for about Rs 50 crore in a mix of cash and equity deal, a move that will aid the company's revenue growth, according to a top company official.
Post the acquisition, Getmyuni will continue to operate independently and some of the leadership team will also join the board of the combined entity, CollegeDekho co-Founder and CEO Ruchir Arora told PTI.
"We have acquired 100 per cent of Getmyuni which is also a college discovery platform for about Rs 50 crore in cash and equity mix. They (Getmyuni) will continue to operate under their leadership. Some from their leadership team will also join CollegeDekho in the leadership ecosystem," he said.
Founded in 2015, CollegeDekho is on a mission to institutionalise students' counselling in India in the higher education space.
"We have been growing close to 100 per cent year-on-year. Last financial year we closed with a net revenue of Rs 50 crore. Right now we are already expecting 4 times of that. With Getmyuni, we will have about 50 per cent of all students query through us," Arora said.
He said that CollegeDekho is trying to create a complete ecosystem around student needs, including access to loans.
He said Getmyuni is very similar to CollegeDekho.
"They also run another website called IELTS material. They are very similar to CollegeDekho. They will solidify our position. Between CollegeDekho and Getmyuni, we will cater to almost 50 per cent of all higher education traffic in the country," Arora said.
He said that Getmyuni will make the combined entity collectively become the largest student enrollment platform in the country collectively driving more than 25 crore annual student traffic and facilitating over 30,000 enrollments across almost 2,000 partner colleges.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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