Adda247 Raises $6 Million In Series B Funding
Adda247, founded by Anil Nagar & Saurabh Bansal in 2010, is a comprehensive online learning platform that offers products like live video classes, on-demand video courses, mock tests and books focussed on government examinations.
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Online learning platform Adda247 has secured $6 million in Series B funding led by Info Edge (India) and Asha Impact. STL, an existing investor of Adda247 also participated in the latest round. With this fundraiser, Adda247 has raised a total of $10 million to date. The edtech player plans to leverage this funding for expanding to new exam categories, adding new languages on the platform and amplifying its Pan-India presence.
Adda247, founded by Anil Nagar and Saurabh Bansal in 2010, is a comprehensive online learning platform that offers products like live video classes, on-demand video courses, mock tests and books focussed on government examinations. The robust technology platform has achieved 10 folds growth in the last 3 years in terms of revenue and paid users. It also operates multiple exam-specific popular online platforms including bankersadda.com, sscadda.com, teachersadda.co.in and careerpower.in.
“Adda247 is a household name, especially among our target audience. Last year, more than 90 per cent 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 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 utilized to expand to new exam categories, create vernacular capabilities and build a world-class product”, said Anil Nagar, Co-founder and CEO, Adda247.
"Adda247 has emerged as the market leader in government jobs test prep by providing 24x7 access to high quality, affordable video content, practice tests and support to students across the country. They are an excellent team who have a decade-plus experience in the space. We are very excited to be partnering with them in this journey”, said Kitty Agarwal, Head, VC arm of Info Edge.
“Anil and Saurabh have demonstrated a deep understanding of their target segment and a strong commitment to build a category-leading business that creates access to high-quality digital learning solutions for their customers. Catering to over 60 million aspirants applying for government jobs annually, Adda247 fits with Asha Impact’s mission to back businesses focused on India’s mass markets”, said Aditi Gupta, Principal Investments, Asha Impact.
Adda247 has recently completed 10 years of successful operations in India. Over the years, it has emerged as one of the largest test preparation platforms in the country while making quality education accessible to student masses and providing them training through India’s renowned faculties. Currently, Adda247 is present in both online and offline platforms with more than 450 coaching centres, above 500 professionals and more than 1000 teachers across the country. Since its inception in 2010, it has successfully trained more than 100 million students.