The second funding round of the Edtech platform Adda247 turned to be a great success. The startup raised $6 million in the Series B funding round, which was led by the Infoedge (India) Ltd. Asha Impact. STL, a current investor of the firm, also participated in the funding.
Adda247 records notable growth in three years
Adda247 has collectively raised a total of $10 million to date and claims to have experienced ten times revenue growth in the last three years. The startup, launched in 2010 by Anil Nagar and Saurabh Bansal, proffers live-video classes, on-demand video courses, mock tests, and books based on government examinations. It also supports multiple platforms, including the Adda247 mobile application, YouTube channel, SSCAdda, Career Power, BankersAdda, TeachersAdda, and more.
The most used Indian Edtech platform
The Co-founder and CEO of the Edtech firm, Anil Nagar, asserted that more than ninety percent of the candidates elected in the government jobs used one or the other Adda247 service for exam preparation. Nagar claims the portal to be the most used online education platform in India, with around 3 million daily active users. “More than 60 percent of our users come from Tier III cities and small towns, and that is where we see unprecedented growth and engagement. The funds will be utilized to expand to new exam categories, create vernacular capabilities, and build a world-class product,” he added.
The firm plans to channel the funds in raising its services for new examination categories, add new languages, and expand its pan-India presence. At present, Adda247 holds a firm position both offline and online with above 450 coaching centers, more than 500 professionals, and around a thousand tutors across India.