[Funding alert] Edtech startup Adda247 raises $6M in Series B funding led by Infoedge
Online learning platform Adda247 has raised Series B funding of $6 million led by Infoedge (India) Ltd and Asha Impact. STL, a current investor of Adda247, also participated in the latest round. With this round, Adda247 has raised a total of $10 million of funds to date.
Founded by Anil Nagar and Saurabh Bansal in 2010, Adda247 offers products like live-video classes, on-demand video courses, mock tests, and books focused on government examinations. The company claims that it has recorded 10 times growth in the last three years in terms of revenue and paid users.
Anil Nagar (L) and Saurabh Bansal (R)
The edtech company houses multiple platforms such as the Adda247 mobile app, the Adda247 YouTube channel, BankersAdda, SSCAdda, TeachersAdda, and Career Power.
The edtech player plans to leverage the funds raised to expand its offerings to new exam categories, add new languages on the platform, and amplify its pan-India presence.
Anil Nagar, Co-founder, and CEO, Adda247, said,
“Last year, more than 90 per cent of the selected candidates in government jobs (banking and SSC categories) used one or the other Adda247 service for exam preparation. With more than 40 million users on our platform and more than 3 million Daily Active Users (DAU), Adda247 is the most used online education platform in India. More than 60 per cent 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 utilised to expand to new exam categories, create vernacular capabilities, and build a world-class product.”
Currently, Adda247 has a presence on both online and offline platforms, with more than 450 coaching centers, 500+ professionals, and about 1000 teachers across the country.
Since its inception in 2010, the company claims, it has trained more than 100 million students and helped them crack various prestigious government examinations.
(Edited by Athirupa Geetha Manichandar)