“This Esop buyback represents a pivotal moment in Adda247’s evolution…Our employees are the strength of Adda247, and this initiative demonstrates our appreciation for their dedication and hard work and the wealth they can create,” said Anil Nagar, founder and chief executive, Adda247.
Started by Nagar and Saurabh Bansal in 2016, the platform offers courses for jobs in public sector banks, government departments and the railways. Their offerings include live online classes, on-demand video courses, mock tests, e-books, and books, all tailored preparations for specific exams.
The edtech firm recorded a revenue of Rs 243.39 crore in FY24, an 88% year-on-year increase from Rs 129.65 crore in FY23. It has also reduced net loss by 66% to Rs 101 crore, down from Rs 296 crore in FY23.
The company has about one million paid users and aims to take this to 1.7 million by the end of this year.
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On July 9, ET reported that Adda247 has acquired Ekagrata Eduserv, a chartered accountancy test preparation firm, marking its entry into the CA test preparation market.Last week, food and grocery delivery company Swiggy said it will buy back Esops worth $65 million across levels, in what would be its fifth such exercise. Similarly, Urban Company on May 23 announced its fifth and largest Esop secondary sale programme, worth Rs 203 crore (about $25 million).
Other such companies include housing society management app MyGate, ecommerce firm Meesho and edtech startup Classplus.