Edtech platform Adda247 raises $35M led by WestBridge Capital
, a government test prep platform, has raised $35 million in a round led by WestBridge Capital. The round also saw the addition of as a new investor and participation from existing investors, including and Asha Impact.
According ta statement by the company, Adda247 will invest the capital in enhancing its tech and product profile, expanding its student counselling team, and to hire for some key leadership roles.
Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 caters to the learning needs of millions of students from Tier II and Tier III cities in India. It offers content in 12+ vernacular languages for more than 500 government exams, making it the largest edtech startup in the government exam preparation category.
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.”
After this new raise, the company 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, the company confirmed.
Adda247 currently has 22 million monthly active users, and a total of 2 million paid users till date.
Sandeep Singhal of WestBridge Capital said, "Anil and Saurabh have worked tirelessly to build a category leader in the government exam preparation space, which is a very large market. It is one of the rare profitable edtech companies in India and is also growing at a rapid pace”
Kitty Agarwal, Partner, Info Edge Ventures, commented, "At Info Edge, we are really excited to be doubling down on our investment in Adda247 as it has emerged as a dominant leader in the government exam preparation category with significant improvement in learning outcome for its students. Adda247 is also one of the very few scaled-up tech companies which is profitable and growing fast. We are confident of the team’s ability to accelerate growth from hereon in their massive category”
Pramod Bhasin, Co-founder, Asha Ventures, added, "Anil & Saurabh continue to demonstrate how to build a world-class edtech company, with students and outcomes at the centre. At Asha Ventures, we are proud to be early believers and continue to back the company in its journey to transform the education landscape of the country".
Edited by Megha Reddy