The largest Ed-tech startup in the government exam preparation category, Adda247 secures $35M in a funding round backed by WestBridge Capital. In this latest round of funding where Adda247 secures $35M, Google joined as a new investor and participated along with existing investors such as InfoEdge Ventures and Asha Impact.
“Bringing Google on board is like a dream come true. Google is a big validation of our tech approach and the partnership,” Nagar said.
The edtech startup will use this funds to improve its tech and product profile, elevate its student counseling team, and for some hiring related to major leadership roles in the company. In sept, InfoEdge invested Rs. 80 crore in Adda247 and this investment is a part of the edtech startup’s $35M fundraising round.
This New Delhi-based startup was founded as an offline based coaching center in 2010. The founders of this startup are Anil Nagar and Saurabh Bansal. Adda247 offers services such as mock tests, live classes, video courses, e-books, and books in 12+ vernacular languages for more than 500 government exams. This preparatory platform provides online coaching for exams like UPSC, State PSCs, banking, SSC, teaching, defense, and many more.
Currently, the startup has 22 million monthly active users and a total of 2 million paid users to date.
Anil Nagar, founder of Adda247 said, “All our offerings focus on ‘building for Bharat’ as 85% of our user base comes from tier 2,3, and 4 cities. We want to help create a level playing field by providing all kinds of learning solutions from all backgrounds.”
With the addition of funds, the company plans to introduce new courses related to the vernacular test preparation category and expand its faculty team size for other state-level exams.
Online Education used to be the savior of students during the pandemic phase but now the demand gradually slowed down. The edtech startups which used to be favorites of investors have been facing a serious downfall leading to drastic steps such as layoffs, to stay in the game. However, the results are not same with this edtech startup.
It managed to raise around $20M in a Series B funding round in November and also managed to remain profitable in July 2021.
- Binny Bansal is in Talks to Invest $100 Mn-$150 Mn in PhonePe - March 11, 2023
- Bira 91 bags $10 Mn from MUFG Bank(Japan’s largest Bank) - March 10, 2023
- Off Duty bags INR 4 Cr from Velocity.in - March 6, 2023