Edtech platform Adda247 on Tuesday announced that in a funding round led by WestBridge Capital, it has pulled in USD 20 million (about Rs 150 crore).
In the Series B funding round, existing investors, including Info Edge, Asha Impact and JM Financials also participated, the company said in a statement.
“The latest infusion of the funds will be utilised to optimise technology & product and conduct senior-level hiring. The edtech company is also foreseeing the acquisition of a few companies with complementary offerings,” the statement said.
Adda247 was founded in 2010 and it offers products like live-video classes, on-demand video courses, mock tests, and books dedicated to government exams and claims to have 15 million monthly active users associated with its platform.
“India at present has more than 500 million learners, which makes the country’s educational market enormous and open for diverse requirements. We will be using the latest round of funds to improve the learning outcomes on our platform and give our users a superior learning experience,” Adda247 founder and CEO Anil Nagar said.
WestBridge Capital managing director and co-founder Sandeep Singhal said, “Adda247’s founders have built a promising and differentiated platform for government job seekers in India, which has the potential to create large scale impact with a sustainable business model. We look forward to supporting them in their endeavours and the next phase of their growth.”