The latest infusion of the funds will be utilised to optimise the technology and product and conduct senior-level hiring.
Adda247, India’s largest multilingual edtech platform providing online courses in 9 languages, has raised Series B funding of approx $20 million led by WestBridge Capital. The funding round also saw participation from existing investors, including Info Edge, Asha Impact and JM Financials.
Founded by Anil Nagar and Saurabh Bansal in 2010, Adda247 offers products like live-video classes, on-demand video courses, mock tests, and books focused on government examinations. With 15 million monthly active users, the platform is one of the largest and fastest growing education technology platform in India.
The latest infusion of the funds will be utilised to optimise the technology and product and conduct senior-level hiring. The edtech company is also foreseeing the acquisition of a few companies with complementary offerings.
Commenting on the fund raising, Anil Nagar, the 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. The current funding is an endorsement to Adda’s mission to bring quality education to millions of students in interior parts of India. 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.”
Sandeep Singhal, Managing Director & Co-Founder, WestBridge Capital said, “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.”
Kitty Agarwal, InfoEdge said, “Adda247 has the potential to bring in the much-awaited transformation in the Indian education system where students from all corners of the country can access high-quality coaching. Their tireless efforts towards this cause is highly impressive, and we wish them continued success in the future”.”
Pramod Bhasin – Co-Founder of Asha Impact said, “Anil and Saurabh have shown remarkable leadership over the last 18 months and have built a category leading company that over 20mn students rely on. Based on their deep understanding of this student base, Adda247 is uniquely positioned to become the largest mass-market focused edtech platform in the country and we’re thrilled to have Westbridge join us in the journey.”
Adda247 is currently one of the largest and most popular online education platforms offering courses for various competitive exams (like Banking, SSC, Teaching exams, Defence exams, GATE, JEE, NEET, UPSC and state exams).
Adda247 is on a mission to take quality education to the masses and create a level playing field in terms of access to the highest quality content, vernacular content, personalised learning, and affordable pricing. It targets learners outside the metros and provides courses in vernacular languages like Tamil, Telugu, Malayalam, Bengali and Odia. The company has recently entered the K12 segment targeting state board students in Tier II and Tier III audiences.
Source: Business World