[Funding alert] Edtech platform Adda247 raises $20M in Series B led by WestBridge Capital
The startup aims to utilise the funds for optimising its technology and product, and senior-level hiring.
Tuesday November 30, 2021,
3 min Read
, a Gurugram-based multilingual edtech platform providing online courses in nine languages, has raised Series B funding of approximately $20 million led by WestBridge Capital. The round also saw participation from existing investors, including Info Edge, Asha Impact and JM Financials.
Founded by Anil Nagar and Saurabh Bansal in 2010, Adda247 offers products like live-video classes, on-demand video courses, mock tests, and books focussed on government examinations. With 15 million monthly active users, the platform will be using the latest funds to optimise the technology and product and conduct senior-level hiring.
The edtech company is also foreseeing the acquisition of a few companies with complementary offerings.
“India at present has more than 50 crore learners, which makes the country’s educational market enormous and open for diverse requirements,” said Anil Nagar, Founder and CEO of Adda247. “We will be using the latest round of funds to improve the learning outcomes on our platform and give our users a superior learning experience.”
Sandeep Singhal, Managing Director and Co-founder, WestBridge Capital, added that Adda247’s founders have built a promising and differentiated platform for government job seekers in India, which has the potential to create large scale impact with a sustainable business model. “We look forward to supporting them in their endeavours and the next phase of their growth,” Sandeep said.
Adda247 is offering courses for various competitive exams (like Banking, SSC, Teaching exams, Defence exams, GATE, JEE, NEET, UPSC and state exams).
The company is on a mission to take quality education to the masses and create a level playing field in terms of access to the quality content, vernacular content, personalised learning, and affordable pricing. It targets learners outside the metros and provides courses in vernacular languages like Tamil, Telugu, Malayalam, Bengali and Odia. The firm has recently entered the K12 segment targeting state board students in Tier II and Tier III audiences.
According to Kitty Agarwal, InfoEdge, “Adda247 has the potential to bring in the much-awaited transformation in the Indian education system where students from all corners of the country can access high-quality coaching. Their tireless efforts towards this cause is highly impressive, and we wish them continued success in the future.”
Pramod Bhasin, Co-founder of Asha Impact, said, "Anil and Saurabh have shown remarkable leadership over the last 18 months and have built a category leading company that over 20 million students rely on. Based on their deep understanding of this student base, Adda247 is uniquely positioned to become the largest mass-market focused edtech platform in the country and we're thrilled to have Westbridge join us in the journey."
Edited by Megha Reddy