The deal marks Adda247’s entry as an integrated provider of job-focused education and skilling programmes spanning public and private sector jobs.
With this buyout, the startup has acquired four companies so far, the others being StudyIQ, a UPSC preparation platform in 2021; Veeksha, an augmented reality/virtual reality learning modules platform in 2023; and Ekagrata Eduserv, a chartered accountancy (CA) test preparation firm in July this year.
“We were very focused on government jobs until about four months ago, when we announced our foray into the skilling and higher education space to expand into private sector jobs. The overall narrative is that we want to be a fully integrated player, helping people prepare for jobs and acquire the skills they need, while also working with enterprises to build talent across both the public and private sectors,” Bimaljeet Singh Bhasin, CEO of skilling and higher education business at Adda247 told ET.
According to Bhasin, the company has identified key sectors for its skilling initiatives including banking, financial services, insurance, and technology.
“Tech is the largest employer purely in terms of numbers and given our aspiration to be a significant player in job-related programmes and offerings, technology as a sector makes a lot of sense for us to focus on. This is why PrepInsta is just one part of the larger initiative and ambition we have,” he said.
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Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 provides courses for jobs in state-run banks, government departments, and the railways. Its services include live online classes, on-demand video courses, mock tests, e-books, and books tailored for specific exams.Adda247 offers courses in 12 regional languages. The platform currently serves over 40 million monthly users, with 2 million students enrolled in its premium courses.
The Gurugram-based company reported revenue of Rs 243.39 crore for 2023-24, up 88% from Rs 129.65 crore in the previous fiscal. 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 & freshers which will help us provide tech and digital skilling programs to Adda247’s more than 1.2mn paid users,” said Atulya Kaushik, cofounder, PrepInsta.
Adda247 last raised $35 million in 2022 in a funding 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.