Adda247, a Gurugram-based government exam preparation platform, has raised $20 million in its Series B funding round led by WestBridge Capital.
The round also witnessed participation from existing investors, including Info Edge, Asha Impact, and JM Financials.
According to a press statement, the Gurugram-based startup aims to utilise the funds for optimising its technology and product, and senior-level hiring. The company is also foreseeing the acquisition of a few companies with complementary offerings.
Founded in 2010 by Anil Nagar and Saurabh Bansal, Adda247 is a comprehensive online learning platform with a mission to take quality education to every home in India. Currently, the company is focused on helping aspirants crack government job exams in the country offering products like online live classes, on-demand video courses, mock tests, ebooks, and books. It helps aspirants in the complete cycle of their exam preparation starting from the beginning to final selection.
Adda247 also operates multiple platforms such as Adda247 mobile app, Adda247 Youtube channels, bankersadda.com, sscadda.com, teachersadda.co.in, and careerpower.in.
Commenting on the fundraise, Anil Nagar, Co-founder & CEO of Adda247, said,
"India at present has more than 50 crore learners, which makes the country’s educational market enormous and open for diverse requirements. We will be using the latest round of funds to improve the learning outcomes on our platform and give our users a superior learning experience."
Earlier, the company claimed to have trained more than 100 million students and helped them crack various prestigious government examinations.
Sandeep Singhal, Co-founder and Managing Director of WestBridge Capital, added,
"Adda247’s founders have built a promising and differentiated platform for government job seekers in India, which has the potential to create large-scale impact with a sustainable business model. We look forward to supporting them in their endeavours and the next phase of their growth."
Adda247 largely targets learners outside the metros and offers courses in regional languages like Tamil, Telugu, Malayalam, Bengali, and Odia. The startup recently entered the K12 segment targeting state board students in Tier II and Tier III towns.
In November 2019, Adda247 had raised $6 million as a part of its Series B funding led by Info Edge (India) Ltd, and Asha Impact with participation from its existing investor STL.