Delhi-based Ed-tech Startup ‘Adda247’ Raised $6 million

Delhi-based Ed-tech Startup 'Adda247' Raised $6 million

A startup from the capital of India 'Adda247' recently raised $6 million in Series B funding which was led by Infoedge India Ltd. and Asha Impact. With these two new investors, their old investor also participated in this round.

With the help of this round of funding 'Adda247' are now valued over $10 million. The founder and CEO of 'Adda 247', Anil Nagar is planning to use this fund for introducing new exam categories, adding new vernacular languages on the platform and amplifying its presence in pan-India.

Adda247 – Rising Ed-Tech Start-up

'Adda247' was founded in the year 2010 by Anil Nagar and Saurabh Bansal with a motive to provide online coaching for government jobs entrance exams. It provides various products like live video classes, on-demand video courses, mock tests and books to government job aspirants.

They also have several online portals for specific exams like bankersadda.com for banking exams, sscadda.com for staff selection commission exams and other platforms like teachersadda.co.in and careerpower.in.

In one of the press statement, 'Adda247' claimed that they have attained 10X growth in the last three years when it comes to revenue. CEO, Anil Nagar stated that over 90% of the people preparing for the banking and staff selection commission's jobs used their services for preparation.

They have more than 40 million users and 3 million daily active users and more than 60 per cent of their users are from small towns so they are focusing more on tier 3 cities. Over 50 million people are applying for government jobs every year which makes 'Adda247' a perfect platform for investing.

They have recently completed 10 years in the industry and they are serving in both online and offline platforms. They have around 450 coaching centres, over 500 professionals and around 1000 teachers around the country.

Well, they also claim that they have successfully helped more than 100 million students to crack various government exams.

Indian Edtech Startups Going Big

A study at KPMG shows that Indian Ed-tech sector is going to rise up to 2 billion by the year 2021.

Another report shows that there are more than 3,500 Ed-tech start-ups working in India till the end of 2018 and the Ed-tech industry raised around $1.2 billion from 2014 to 2019 from over 250 deals. Therefore, this industry has a lot of potential in the future.

In the field of online government job preparation platforms 'Adda247' faces direct competition from platforms like Unacademy, Testbook, and GradeUp.

Gradeup, another Delhi based start-up has raised around $7 million in a fresh funding round from the existing investors, Times Internet. They are planning to expand their academic team to 100 faculties and 200 subject matter experts in various small towns.

Another competitor of 'Adda247' is Unacademy who raised around $50 million in early 2019 by Steadview Capital, Sequoia India, Nexus Venture Partners and Blume Ventures. They are going to use these funds to onboard more educators, boost the growth of multiple exam categories and to build the best product and team.