Edtech startup Adda247 on Friday said it has more than doubled its revenue in the financial year that ended March 2023 as compared to the fiscal before.
Adda247’s revenue in FY23 grew 100% to Rs 130 crore in FY23 from Rs 64 crore in the fiscal before. However, the company didn’t disclose its revenue from operations and other income. Its revenue is primarily generated from its app-based offerings, which include paid video courses, live classes and educational books.
The Delhi-NCR headquartered firm, however, said that it has not recognised the income it received for courses to be delivered from the financial year 2024 and onwards. Such revenue stood at Rs 87 crore.
Adda247, however, remained loss-making in FY23. While the company didn’t disclose its exact loss, it said that its expenses from its operations stood at Rs 212 crore in the fiscal under review. Its primary costs include faculty compensation, corporate salaries, and server costs.
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 provides a wide range of online preparation courses for over 500 examinations, such as CUET, IIT JEE, NEET, UPSC, and various government job exams including banking, SSC, teaching, and defence.
It raised $35 million in November last year at a valuation of $175 million in a funding round led by private equity firm WestBridge Capital, and the participation of tech giant Google. It currently has a workforce of 400 teaching professionals and 1,900 employees. It said that its workforce has grown 60% as compared to last year.
"As we aspire to democratize education for everyone, our plan to go public in the next 2-3 years is in line with our vision for sustainable growth and reaffirms our commitment to revolutionizing the education sector," said Anil Nagar, founder and chief executive officer Adda247.
Adda247 claims that it has a user base of 50 million monthly active users and more than two million paid subscribers. It also claims that its app has six million active users. It also runs several educational channels on YouTube and has over 28 million subscribers and 200 million monthly views across its channels.
