Adda247, an online learning startup, has secured $6 million (approx INR 42 crore) in series B round of funding from Infoedge India, Asha Impact and STL, cited Yourstory.
Through the freshly-infused financials, Adda247 will expands its offerings to new exam categories, add new languages on the platform, and amplify its pan-India presence.
Post transaction, the total funds to date, raised by Adda247 is $10 million.
Anil Nagar, Co-founder, and CEO, Adda247, said, “Last year, more than 90 per cent of the selected candidates in government jobs (banking and SSC categories) used one or the other Adda247 service for exam preparation. With more than 40 million users on our platform and more than 3 million Daily Active Users (DAU), Adda247 is the most used online education platform in India. More than 60 per cent of our users come from Tier III cities and small towns, and that is where we are seeing unprecedented growth and engagement. The funds will be utilised to expand to new exam categories, create vernacular capabilities, and build a world-class product.”
Adda247 was started by Anil Nagar and Saurabh Bansal in 2010. The space Adda247 offers products like live-video classes, on-demand video courses, mock tests, and books focused on government examinations.
The company Adda247 claims that it has recorded 10 times growth in the last three years in terms of revenue and paid users.
Currently, Adda247 has a presence on both online and offline platforms, with more than 450 coaching centers, 500+ professionals, and about 1000 teachers across the country.
The platform Adda247 also claims that it has trained more than 100 million students and helped them crack various prestigious government examinations.
Besides, some of the emerging edtech platforms in India include BYJU’s, Unacademy, Toppr, MyMBAcircle, Clap Global and many more.