Google-backed edtech Adda247 enters CA market with Ekagrata acquisition

Google-backed edtech firm Adda247 on Tuesday said it acquired Ekagrata Eduserv, a company specialising in chartered accountancy (CA) test preparation, marking the former’s entry into the CA market and expanding its educational offerings.

The company did not disclose the terms of the current transaction, including the deal size.

Ekagrata's acquisition is expected to expand Adda247's user base and capture a share of the CA test preparation market, adding to its current 40 million monthly users.

“We’ve been planning to launch the CA category, and in Ekagrata, we found the perfect team to lead and grow this segment. Over the next several years, we aim to invest substantially in this category and establish a leadership position in the CA test preparation market,” said Anil Nagar, Founder and CEO of Adda247.

Founded in 2023 by Anshul Agrawal, Ekagrata has developed a product lineup for CA aspirants. The synergy between Adda247’s reach and Ekagrata’s expertise in CA preparation is expected to cater to aspiring chartered accountants.

The acquisition will integrate Ekagrata’s founder and employees into Adda247, making Ekagrata a wholly-owned brand of Adda247, with Agrawal leading the CA category as a director.

“Joining forces with Adda247 presents an exciting opportunity to scale our impact in the CA test preparation space. We look forward to leveraging Adda247’s extensive reach and technological prowess to empower more CA aspirants across India,” Agrawal remarked.

Co-founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 is a multilingual edtech platform backed by Westbridge, Google, Info Edge, and Asha Impact.

The edtech startup serves students in Tier II - III cities and smaller towns, providing online education in 12 vernacular languages. It claims to have over 40 million monthly users and two million students enrolled in its premium courses.

The Gurugram-based company’s previous acquisitions include the UPSC prep platform StudyIQ in January 2021 and the 3D experiential learning platform Veeksha in July 2023. The edtech firm has also announced its entry into the skilling, upskilling, and higher education segments.

Adda247 registered a revenue of Rs 243.39 crore for the financial year ending March 31, 2024, an 88% increase from Rs 129.65 crore in the previous fiscal year, while its net loss narrowed by 66%.