The National Stock Exchange-listed tutoring services firm Career Point Ltd is in an advanced stage of discussions to acquire Mumbai-based e-learning platform Plancess, which is operated by Plancess EduSolutions Pvt. Ltd, it said in a regulatory filing.
However, it did not mention the expected deal value. It could also not be ascertained whether Plancess will continue to operate as a separate firm and if its founding team will stay on. E-mail queries sent to Career Point and Plancess did not elicit a response.
“Plancess has been one of a few growth-stage startups with a focus on profitability, instead of burning cash to chase the top-line,” said Pramod Maheshwari, chairman and managing director at Career Point.
Founded in 2012 by IIT Bombay alumni Nitesh Salvi, Vivek Gupta and Mirik Gogri, Plancess offers e-learning solutions for students belonging to class nine to 12 besides those preparing for competitive examinations such as IIT-JEE, NEET, CAT and Bank PO. It also offers video lectures from expert faculty and test series.
“With the combination of Career Point’s brand and Plancess’ solutions, we are confident of achieving the next stage of growth,” said Gupta.
In 2015, Plancess raised $2 million from promoters of Mumbai-based Aarti Industries Pvt. Ltd—Rajendra Gogri and Chandrakant Gogri.
Established in 1993, Kota (Rajasthan)-based Career Point provides tutoring and learning solutions for pre-school students to those preparing for competitive examinations such as IIT-JEE and AIEEE. Besides, it owns residential and day schools.