Government job preparation platform Adda247 has raised $35 million in a new funding round led by its existing investor WestBridge Capital.
The round also saw the addition of Google as a new investor and participation from the existing investors, including Info Edge and Asha Impact.
The company plans to use the raised capital to enhance its tech and product profile, expand its student counselling team, and hire for some key leadership roles.
Founded in 2010 by Anil Nagar and Saurabh Bansal, Adda247 is a comprehensive online learning platform with a mission to take quality education to every home in India. Currently, the company is focused on helping aspirants prepare and crack various government job exams such as railways, banking, SSC, UPSC, defence, agriculture, and teaching by offering products like online live classes, on-demand video courses, mock tests, ebooks, and printed books. The company is also making efforts to cover K-12, JEE, NEET, and GATE segments. Adda247 largely caters to the learning needs of students outside the metros and offers courses in over 12 regional languages like Tamil, Telugu, Malayalam, Bengali, and Odia.
Commenting on the fundraise, Anil Nagar, Founder & CEO, Adda247 said,
“The company’s genesis lies in solving education problems in towns and villages. We come from a rural background and have seen people suffering due to a lack of guidance and quality education. All our offerings focus on ‘Building for Bharat’ as 85% of our user base comes from Tier 2,3 & 4 cities. We want to help create a level playing field by providing all kinds of learning solutions to students from all backgrounds.”
With the new funds, Adda247 plans to go deeper into the vernacular test preparation category by building new courses and setting up faculty for other state-level exams. It also aims to explore a few strategic acquisitions in the coming months to complement its offerings in the government job preparation category. Adda247 currently has 22 million monthly active users, and a total of 2 million paid users to date.
Sandeep Singhal of WestBridge Capital said,
“Anil and Saurabh have worked tirelessly to build a category leader in the govt exam preparation space which is a very large market. It is one of the rare profitable ed-tech companies in India and is also growing at a rapid pace.”
The company claims to have 22 million monthly active users and a total of 2 million paid users to date. The Gurugram-based EdTech firm also claims to conduct over 10,000 live classes each month.
Adda247 also operates multiple platforms such as Adda247 mobile app, Adda247 Youtube channels, bankersadda.com, sscadda.com, teachersadda.co.in, and careerpower.in.
Meanwhile, the latest round is Adda247’s second investment in less than one year. The company had last raised $20 million as part of its Series B round, led by the current lead investor WestBridge Capital, in November last year. Existing investors Info Edge, Asha Impact, and JM Financial participated in that round as well.