TFS Gulf 
- What do J.K. Shah Classes, BB Virtuals and Swapnil Patni’s Classes (SPC) have in common?
- They’ve all caught the attention of big investors — and capital is flowing fast into India’s CA coaching market.
- The big story: Investor Sunil Singhania’s Family Office backed SPC at a ₹240 crore valuation.
So, who is SPC?
In 2010, CA Swapnil Patni founded SPC, with just a single classroom in Pune.
Today, SPC stands as one of India’s most influential CA coaching brands.
SPC is powered by a hybrid learning model that combines in-person classroom training with a next-generation OTT platform, offering live and recorded sessions.
Here’s what SPC has achieved:
- Community of over 3 lakh learners
- 150+ partners
- Presence in 1,800+ pin codes
- It also has India’s first-ever CA Residential Campus, SPC Gurukul
About the investor
Sunil Singhania is a Chartered Accountant (CA), a CFA Charterholder, and the Founder of Abakkus Asset Manager LLP, one of India’s most prominent alpha-focused investment firms.
As of July 31, 2025, Abakkus has approximately ₹37,900 crore in assets under management (AUM).
Why is this Deal a big deal?
The investment, handled by Hem Securities, is a “pre-IPO bet.” Yes, looks like SPC could soon be heading to the markets.
Sunil Singhania called SPC “a growing, committed company led by a visionary founder.”
He continued, “I see massive growth potential in SPC and a strong purpose to transform education through innovation and technology.”
Swapnil Patni echoed his enthusiasm: “We’re honoured to welcome Sunil Singhania, Sir. His guidance will accelerate SPC’s next phase of growth and innovation in the education space. His backing will be a complete game-changer.”
Also read: 31,946 New CAs qualified in 2024: ICAI aims for 30 lakh CAs!
India’s CA coaching scene
The entire CA coaching scene is booming, and investors are racing to grab a piece of it at sky-high valuations:
| Coaching Brand | Investor / Acquirer | Deal Value |
|---|---|---|
| BB Virtuals (Dec 2024) | Veranda Learning | ₹126.2 Cr for 51% (Valuation ₹248 Cr) |
| Navkar Digital Institute (Feb 2025) | Veranda Learning | ₹45.5 Cr for 65% |
| Ekagrata Eduserv (Jul 2024) | Adda247 | Undisclosed |
| J.K. Shah Classes (2022) | Veranda | ₹337.8 Cr for 76% |
But wait — weren’t CA student numbers falling?
Yes, appeared students dipped briefly. But the base is expanding again.
- CA Foundation: 3,47,256 students (Up from 2,60,408 in 2024)
- CA Intermediate: 4,17,609 students (Up from 4,14,481 in 2024)
- CA Final: 2,41,391 students (Up from 1,97,655 in 2024)
Additionally, the Institute of Chartered Accountants of India (ICAI) projects that India will require 50 lakh new Chartered Accountants by 2050.
It’s no wonder investors are betting big on accounting and finance coaching institutes.
Wrapping up…
India’s test-prep & professional coaching market was valued at $6.5B (2024) and is projected to grow to $17.4B by 2033 (CAGR 10%).
CA coaching is emerging as a high-growth niche within that ecosystem.
And investors are positioning early, before more brands go IPO-ready.
FAQs
1. How many Chartered Accountant students qualified in 2024?
In 2024, a total of 31,946 candidates qualified as Chartered Accountants through ICAI.
May 2024 Session
- Group I: 74,887 appeared, 20,479 passed (27.35%)
- Group II: 58,891 appeared, 21,408 passed (36.35%)
- Both Groups: 35,819 appeared, 7,122 passed (19.88%)
CA Final: November 2024 Results
- Group I: 66,987 appeared, 11,253 passed (16.8%)
- Group II: 49,459 appeared, 10,566 passed (21.36%)
- Both Groups: 30,763 appeared, 4,134 passed (13.44%)
2. How many Chartered Accountant students qualified in 2025?
May 2025 Session
- Group I: 66,943 appeared, 14,979 passed (22.38%)
- Group II: 46,173 appeared, 12,204 passed (26.43%)
- Both Groups: 5,490 candidates cleared both groups (18.75%)
November 2025 Session
- Group I: 51,955 appeared, 12,811 passed (24.66%)
- Group II: 32,273 appeared, 8,151 passed (25.26%)
- Both Groups: 2,727 candidates cleared both groups (16.23%)
