CL Educate Ltd., (NSE, BSE: CLEDUCATE), India’s only listed EdTech and MarTech entity, and owner of Career Launcher - the popular TestPrep brand, announced the sale of 2 land parcels in Faridabad and Amritsar. The land parcel sale is part of a larger strategic decision by the company to convert its real estate bank (valued at Rs. 65-70 crore) into cash for redeployment in its core business. This stems from a broader strategic push to egress asset heavy businesses,having already exitedits K-12 business.
Commenting on the land sale, Arjun Wadhwa, Chief Financial Officer, CL Educate, said, “We are accelerating and redoubling on our effort to maximize shareholder value. Sale of unproductive real estate and the subsequent deployment of realized cash to accelerate business growth was a key aspect of that push. As the real estate market was considerably lukewarm till recently, we were forced to wait for the right time. Now that there is some positive movement, we were able to sell the plot in Faridabad for Rs. 7.25crore and another in Amritsar for Rs. 2.3 crore, the latter held through CLIP – a 100% subsidiary.Discussions for the sale of a couple of more real estate parcels are in advanced stages with buyers, which we hope to close in the next 2 quarters.”
About Career Launcher: CL is a wholly-owned subsidiary of CL Educate (NSE, BSE: CLEDUCATE), founded by Satya Narayanan R, India’s Ed-tech pioneer. It offers a variety of programs for students aged 12-30, through personalized and synchronous/ asynchronous offerings. Led by a team of highly capable leaders (including IITians and IIMians), CL aims to emerge among the top EdTech players from India who would scale globally. CL counts on two key differentiators – 1. The ability to generate results for students through a scientific data driven process and 2. Robust unit economics and an astonishingly low CAC of 15% against a massive 50-300% that exists for its competitions. With program offerings across various competitive exams including MBA, LAW, IPM, UPSC, CUCET, and International Education, CL's result-driven approach aims to transform the career dreams of 10+ million aspirants. Over the next 3 years, it aims to engage with over ten million students from the current one million. Deployment of data science, machine learning, and recommendation algorithms (120 Edtech tools) form the business moat for CL with the ability to scale. These tools and engines help in best fit program choice, cost savings and laser-beam mentoring to deliver the best in industry results for students. Do visit www.careerlauncher.com for more information