Adda247 Raises $35 Million Led by WestBridge Capital, Google and Info Edge Funds will be utilized to enhance tech and product profile, expanding its student counseling team and hiring for some key leadership roles
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Adda247 on Wednesday announced to have raised $35 million in a round led by WestBridge Capital. The round also saw the addition of Google as a new investor and participation from the existing investors, including InfoEdge and Asha Impact. Adda247 on Wednesday announced to have raised $35 million in a round led by WestBridge Capital. The round also saw the addition of Google as a new investor and participation from the existing investors, including InfoEdge and Asha Impact. Funds will be utilized to enhance tech and product profile, expand its student counseling team and hiring for some key leadership roles.
"Anil and Saurabh have worked tirelessly to build a category leader in the govt exam preparation space which is a very large market. It is one of the rare profitable edtech companies in India and is also growing at a rapid pace," said Sandeep Singhal, co-founder and managing director, WestBridge Capital.
"The company's genesis lies in solving education problems in towns and villages. We come from a rural background and have seen people suffering due to a lack of guidance and quality education. All our offerings focus on 'Building for Bharat' as 85% of our user base comes from Tier 2,3 & 4 cities. We want to help create a level playing field by providing all kinds of learning solutions to students from all backgrounds," said Anil Nagar, founder & CEO, Adda247.
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 caters to the learning needs of millions of students from Tier II and Tier III cities in India. It offers quality content in over 12 vernacular languages for more than 500 government exams making it the largest ed-tech startup in the government exam preparation category. After this new raise, the company plans to go deeper in the vernacular test preparation category by building new courses and setting up faculty for other state level exams. It also aims to explore a few strategic acquisitions in the coming months to complement its offerings in the government job preparation category. Adda247 currently has 22 million monthly active users, and a total of 2 million paid users till date. Solid business fundamentals, sustainable business and outcome focused approach has been the DNA of the company. In the short term, the company plans to focus on building vernacular test preparation business by going deeper into local language learning needs and solving the problem state by state. And in the long term, they plan to work beyond government test preparation and solve unemployment problems at a broader level.
