Online learning platform Adda247 has raised Series B funding of $6 million led by Infoedge (India) Ltd and Asha Impact. STL, a current investor of Adda247, also participated in the latest round. With this round, Adda247 has raised a total of $10 million of funds to date.
The edtech startup plans to leverage this funding for expanding to new exam categories, adding new vernacular languages on the platform and amplifying its pan-India presence.
Founded by Anil Nagar and Saurabh Bansal in 2010, Adda247 offers products like live-video classes, on-demand video courses, mock tests, and books focused on government examinations. The company claims that it has recorded 10 times growth in the last three years in terms of revenue and paid users. Interestingly, CEO Nagar claimed that in 2018, more than 90% of the selected candidates in banking and staff selection commission’s (SSC) government jobs used one or the other Adda247 services for exam preparation.
The CEO further claimed that Adda247 has more than 40 Mn users with more than 3 Mn daily active users (DAU). “More than 60% of our users come from Tier 3 cities and small towns and that is where we are seeing unprecedented growth and engagement,” he added.
Aditi Gupta who looks after principal investments at Asha Impact said that catering to over 60 Mn aspirants applying for government jobs annually makes Adda247 a good fit for the investor’s mission.
Adda247 has recently completed 10 years of successful operations in India. Currently, Adda247 is present in both online and offline platforms. It claims that with more than 450 coaching centres, over 500 professionals and more than 1000 teachers across the country, the startup is providing quality education to the masses.
Since its inception in 2010, the company in the statement said that it has successfully trained more than 100 Mn students and helped them crack various prestigious government examinations.
Speaking on the investment, Hari Krishna, Founder and CEO, PGO, said, “We are excited to announce this new investment commitment from our investors – real estate veterans, Ektha’s Sreeni Musani and IRA Reality’s Narsi Reddy Posham. This reaffirms the investor’s faith in our business model and the uniqueness of our product.”
Commenting on the investment, Sreeni Musani and Narsi Reddy, added, “As investors, above and beyond the business model, the innovation, and problem-solving technology solutions excites us before we invest in any company. PGO is perfect in that manner.”
While announcing the investment, the company also unveiled PGO Prime Membership, which will allow its members to receive benefits including – 10 percent savings on all bookings, and access to exclusive deals. By the year 2020, Thinkwide aims to introduce PGO services to 10 more additional cities and add 10,000 more properties on its mobile and web platforms.
More from Entrepreneur
Online cosmetics and beauty products retailer Purplle has raised $8 Mn in Series C funding round from Belgium-based investment firm …
Online baby care brand Mamaearth has raised ₹130 crore (about $18.14 million) in a round led by Sequoia Capital India, the …
India's second-largest microfinance firm Satin Creditcare NetworkNSE -4.93 % has raised $15 million in external commercial borrowing (ECB) from OeEB, …