Career Launcher, India's leading MBA test-prep, and Veritas, the world's third largest GMAT prep company, signed a 50:50 joint venture agreement on Tuesday, in order to tap the fastest-growing Asian markets.
The joint venture will be based in Singapore, which is seen as a gateway to enter into China, Japan, India, Singapore, Indonesia and Thailand with a product portfolio comprising test-prep for exams like GMAT, GRE, SAT, and among others.
Nikhil Mahajan, Managing Director of Career Launcher, said with test takers in Asian markets growing so fast, the joint venture would at least make a conservative revenue of 10 million U.S. dollars by 2010.
Speaking on the occasion, Veritas Founder Chad Troutwine said they attached great importance to such markets as China and India by offering the customized service to the test takers.
While the joint venture is expected to carry out operations by October, 2007, the entry into China is planned for 2008.
According to the latest report released by the marketing consultancy Barnes, the total sales generated out of educational services in China are 381 million U.S. dollars, with the corresponding figure for Japan and India reaching 1,563 million dollars and 133 million dollars respectively.
Source: Xinhua
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