Edtech startup Adda247 secures $6 mn funding to boost its pan-India presence
Adda247, the online learning platform, has secured $6 million in Series B funding round led by Infoedge (India) Ltd and Asha Impact. The round has also seen participation from its current investor STL.
With this latest round, the edtech platform has raised a total of $10 million of funds to date.
The fresh funds will be used by the company to expand its offerings to new exam categories, add new languages on the platform, and boost its pan-India presence.
Adda247 houses multiple platforms like the Adda247 mobile app, the Adda247 YouTube channel, BankersAdda, SSCAdda, TeachersAdda, and Career Power.
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,” he added.
Adda247 was founded by Anil Nagar and Saurabh Bansal in 2010. It offers products such as live-video classes, on-demand video courses, mock tests, and books focused on government examinations.
At present, the company has a presence on both online and offline platforms, with over 450 coaching centers, more than 500 professionals, and about 1000 teachers across the country.