Speaking to reporters here on Tuesday, S Giridharan, chairman and chief executive officer, EdServ, said the acquisition would help them expand in the education space. The company is targeting Rs 20 crore revenue in the next financial year from the new vertical.
SmartLearn offers e-learning courses, online tuition services for college and school students and helps engineering students pass exams through the in-campus and outside campus mode.
With this, the company has also added a new revenue stream, targeting the Rs 10,000 crore IIT-JEE and AIEEE training space. At present around one million students appearing every year for IIT JEE and AIEEE.
SmartLearn founder promoter K Swaminthan, who will continue as chief executive officer, said the nine-month old company had about 10,000 students and 5,000 videos The company currently operates in Chennai, Hyderabad and Bangalore. “The acquisition would help the company go pan-India,” he said.
EdServ is planning to raise $25 million through qualified institutional placement by April or May this year.