Gurugram-based government exam preparation platform Adda247 has raised $6 million in a Series B funding round led by Info Edge (India) Limited, a holding company which provides information technology services, and Asha Impact, an impact investment platform.
Adda247’s existing investor STL also participated in the round, which, according to a statement, has taken the company’s total raised funds to $10 million till date.
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 crack government job exams in the country offering products like online live classes, on-demand video courses, mock tests and ebooks and books.
Adda247 also operates multiple platforms such as Adda247 mobile app, Adda247 Youtube channels, bankersadda.com, sscadda.com, teachersadda.co.in, and careerpower.in. The company is present in both online and offline platforms and it currently has more than 450 coaching centers, over 500 professionals and 1000 teachers across the country. The company claims to have successfully trained more than 100 million students since its inception.
The company plans to use the new funding to expand its offering to new exam categories, add new languages on the platform, and amplify its pan-India presence.
Speaking about the company and its future plans with the new investment, Anil Nagar, Co-founder and CEO, Adda247, said,
“Adda247 is a household name, especially among our target audience. Last year, more than 90 percent of the selected candidates in government jobs (banking and SSC categories) used one or the other Adda247 services for exam preparation. With more than 40 million users on our platform and more than three million daily active users, Adda247 is the most used online education platform in India. More than 60 percent of our users come from Tier III cities and small towns and that is where we are seeing unprecedented growth and engagement. The funds will be utilized to expand to new exam categories, create vernacular capabilities and build a world-class product.”
Kitty Agarwal, Head, VC arm of Info Edge, also issued a statement saying,
“Adda247 has emerged as the market leader in government jobs test prep by providing 24/7 access to high quality, affordable video content, practice tests and support to students across the country. They are an excellent team who has a decade-plus experience in the space. We are very excited to be partnering with them in this journey.”
Needless to mention, Adda247 has recently completed 10 years of successful operations, and has emerged as one of the largest test preparation platforms in the country. The company claims that it has achieved 10 folds growth in the last 3 years in terms of revenue and paid users. Hope the new investment will further accelerate its growth pace in the coming months and years.
