Multilingual edtech platform Adda247 on Tuesday said it has raised $20 million (around Rs 150 crore) as part of its Series B funding round led by private equity firm WestBridge Capital.
Existing investors, including Info Edge, Asha Impact and JM Financials participated in this investment round, Adda247 said in a statement.
Adda247, which is operated by Metis Eduventures Pvt. Ltd, will use the fresh capital to strengthen its technology and product as well as for senior-level hiring. The startup is also looking to make acquisitions.
In 2019, Adda247 acquired YouTube channel Success Ease for an undisclosed sum. https://www.vccircle.com/test-prep-platform-adda247-acquires-success-ease-to-bulk-up-offerings/
Adda247 was founded by Anil Nagar and Saurabh Bansal in 2010. Its offerings include live-video classes, on-demand video courses, mock tests, and books focused on government examinations. The startup focusses on students outside the metros and offers courses in vernacular languages like Tamil, Telugu, Malayalam, Bengali and Odia. It claims to have 15 million monthly active users. The company also recently entered the K12 segment targeting state board students in smaller towns and cities.
Sandeep Singhal, managing director and co-founder, WestBridge Capital, said that Adda247’s founders have built a differentiated platform for government job seekers that has the potential to create large scale impact with a sustainable business
The edtech market in India has witnessed frenetic funding and mergers and acquisitions (M&A) activity since the onset of the coronavirus pandemic last year.
So far in 2021, three edtech companies -- Eruditus, upGrad and Vedantu -- have turned unicorns, or private companies with a valuation of at least $1 billion. This has taken the total number of edtech unicorns in India to five.
India’s edtech sector is expected to grow at a CAGR (compound annual growth rate) of over 15% from $2.8 billion in 2020 to $30 billion in 2030, citing a BLinC Investment Management report, which also terms India as the world’s most active edtech market.
