BackEdserv in pact to expand chartered accountancy coaching
Edserv in pact to expand chartered accountancy coaching
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Mumbai: Edserv Softsystems said on Tuesday it has entered into a partnership with CAClubIndia, which will help the education services company expand its chartered accountancy examination coaching to about 600,000 students.
Shares of the company, which the market values at $44.92 million, jumped as much as 6.3% to ₹ 136.45 in a firm Mumbai market. At 11.18 a.m., shares were up 4.95% at ₹ 134.70.
Edserv will get 70% of the revenue generated through this partnership, while CAClubIndia will keep the rest, chairman and chief executive S. Giridharan told Reuters.
“This financial year alone we are targeting about ₹ 30 crore," he said.
Edserv had forayed into the online chartered accountancy coaching segment through a 50:50 joint venture with Sreeram Coaching Point in January and expects the overall business to generate revenue of ₹ 200 crore over two years.
The company is also focusing on launching chartered accountancy coaching services in the Middle East and will continue to look at more such tie-ups and acquisitions, Giridharan said.
“Currently, we are also looking at tie-ups for entrance examinations such as TOEFL, GRE and CAT," he added.
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