Adda247 has now bought placement preparation platform PrepInsta, marking its foray as an integrated provider of job-focused education and skilling programmes across private and public sector jobs
With this buyout, Adda247 has acquired four companies so far. The others being, StudyIQ, a UPSC preparation platform acquired in 2021; Veeksha, an AR/VR learning modules platform acquired in 2023; and Ekagrata Eduserv, a chartered accountancy (CA) test preparation firm acquired in July of this year
Adda247 recorded 88% year-on-year growth in revenue to INR 243.39 Cr in the financial year 2023-24 (FY24) from INR 129.65 Cr in the previous fiscal year. Additionally, it narrowed down its net loss by 66% to INR 101 Cr, down from INR 296 Cr in FY23
Continuing its acquisition spree, Google-backed Adda247
has now bought placement preparation platform PrepInsta, marking its foray as an integrated provider of job-focused education and skilling programmes across private and public sector jobs.
However, the financial transactions of the deal were not disclosed.
“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.
With this buyout, Adda247 has acquired four companies so far. The others being, StudyIQ, a UPSC preparation platform acquired in 2021; Veeksha, an AR/VR learning modules platform acquired in 2023; and Ekagrata Eduserv, a chartered accountancy (CA) test preparation firm acquired in July of this year.
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,” he added.
“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.
Founded in 2016 by Nagar and Saurabh Bansal, Adda247 is an edtech startup that offers preparation for government job entrance exams. It offers online coaching to students residing in Tier-2 cities and beyond. It claims to have over 40 Mn monthly users and has 2 Mn students enrolled in its premium courses. Adda247 offers courses in 12 regional languages.
It counts the likes of Westbridge, Google, Info Edge, and Asha Impact among its investors.
Adda247 recorded 88% year-on-year growth in revenue to INR 243.39 Cr in the financial year 2023-24 (FY24) from INR 129.65 Cr in the previous fiscal year. Additionally, it narrowed down its net loss by 66% to INR 101 Cr, down from INR 296 Cr in FY23.
Adda247 last secured $35 Mn in 2022 in a funding round led by WestBridge Capital, with participation from Google and existing investors such as Info Edge Ventures and Asha Impact. To date, the edtech startup has raised a total of $63 Mn.
By Inc42 Media
Source: Inc42 Media