The agreement marks the entry of Adda247 as an integrated provider of work-centered education and training programs covering public and private sector jobs.
With this purchase, the startup has so far acquired four companies, the others being StudyIQ, a UPSC preparation platform in 2021; Veeksha, an augmented reality/virtual reality learning module platform in 2023; and Ekagrata Eduserv, a chartered accounting (CA) exam preparation company, in July this year.
“We were very focused on government jobs until about four months ago, when we announced our foray into the training and higher education space to expand into private sector jobs. The general narrative is that we want to be a fully integrated player, helping people to prepare to seek employment and acquire the skills they need, while working with companies to generate talent in the public and private sectors,” Bimaljeet Singh Bhasin, executive director of training and higher education business at Adda247, told ET.
According to Bhasin, the company has identified key sectors for its training initiatives, including banking, financial services, insurance and technology.
“Technology is the largest employer purely in terms of numbers and given our aspiration to be a major player in work-related programs and offerings, it makes a lot of sense for us to focus on technology as a sector. That is why PrepInsta is only one is part of the broader initiative and ambition that we have,” he said.
Discover the stories of your interest
Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 offers courses for jobs in state banks, government departments and railways. Their services include live online classes, on-demand video courses, mock exams, e-books, and books customized for specific exams. Adda247 offers courses in 12 regional languages. Currently, the platform serves more than 40 million monthly users, with 2 million students enrolled in its premium courses.
The Gurugram-based company reported revenue of 243.39 crore by 2023-24, an increase of 88% from Rs 129.65 crore in the previous fiscal year. Its net loss narrowed 66% to Rs 101 crore from Rs 296 crore during this period.
“Adda247’s user base also has many engineering students and freshers who will help us provide technology and digital technology. skills programs to the over 1.2 million paid users of Adda247,” said Atulya Kaushik, co-founder of PrepInsta.
Adda247 last uploaded $35 million in 2022 in a financing round led by WestBridge Capital. The round also saw participation from Google, along with existing investors such as Info Edge Ventures and Asha Impact. In total, it has raised $63 million.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.