British publishing and education company, Pearson, has completed its acquisition of TutorVista and acquired the remaining 20 percent equity in the Bangalore based online education services company. In 2011, Pearson acquired a majority stake in the then five-year old TutorVista for Rs 577 crore, valuing it at around Rs 1,000 crore.
Srikanth B Iyer, the Chief Cperating Officer of Pearson Education Services has been named as the new CEO of TutorVista. He started his career with Wipro in 1993 but left soon enough to chase his entrepreneurial instincts. Iyer had co-founded Edurite, an education services company in 2000, which was later acquired by TutorVista in 2007.In a quick chat with Dr Ravi Gupta, Iyer sheds light on his new role…
How do you see yourself evolving from Edurite to Pearson and now TutorVista?
Pearson is into its third phase and version 3.3.0. Co-founding Edurite was the first phase and I call it version 1.0. Then we acquired TutorVista in 2007. After these acquisitions, we saw rapid growth in five-six years and that was the second phase, version 2.0. Now we are Pearson’s 100 percent owned entity, which is our third phase, version 3.0, where we have to recommit overselves to Pearson’s larger goals and objective and align our business interest to them.
Please shed light on product portfolio of TutorVista and how it has evolved in the last five-six years in India?
Currently, there are two large baskets of products and services. One of them is direct delivery basket in which we offer direct delivery of educational services and directly touch the end-users. We have Tutorvista.com, an online one- to- one tutoring model,in which we have around 20,000 registered users as of today. Then we have the Pearson Schools business in which have engaged more than 35 schools and 25,000 children across India. We also have our Pearson Learning Centre business, where we offer test preparation training for IIT, CET, etc. We have 70 of these learning centres in Karnataka and Kerala touching around 20,000 students year on year. That is our direct delivery basket. The other basket is called Pearson Inside, which is the menu of services offered to other schools both government and private. Currently, we have Textbooks, Digiclass which is an interactive classroom solution, Tablet based product MX touch, etc, under this basket. My current focus is on growing these two areas of the business.