08 Nov 2019
Ed-tech start-up Adda247 raises $6 million from Naukri's parent company
Adda247, a test preparation platform that offers courses to crack government job exams, has raised $6 million in a Series-B round of funding.
The investment was led by Naukri.com's parent Info Edge India and Asha Impact, along with existing investor STL.
The company claims it has seen 10 times growth in terms of revenue and paid users in the last three years.
Adda247 and its educational services
Adda247 was started in 2010 by Anil Nagar and Saurabh Bansal to help students prepare for public-sector exams.
The company provides on-demand video courses, live-video classes, mock tests, and has a huge offline presence with over 450 coaching centers across the country.
Notably, the start-up claims that it has trained over 100 million students to crack government job exams.
How Adda247 will use the fresh funds?
Meanwhile, Adda247 will deploy fresh funds to expand to new exam categories, add new languages on its platform, and expand its footprint across the country.
So far, the company has raised $10 million in multiple funding rounds since its inception, and has witnessed 10 times growth in terms of revenue and paid users in the last three years.
Info Edge has also invested in these companies
Prior to this round, Info Edge had a 7.06% stake in Adda247. However, with this investment, the Noida-based company will take a 17% stake in the start-up.
Apart from that, Info Edge also owns online recruitment portal Naukri.com and has invested in various start-ups, including matrimonial website Jeevansathi.com, food delivery giant Zomato, and more.
The company has over 40 million active users, says CEO
"With more than 40 million users on our platform and more than 3 million Daily Active Users (DAU), Adda247 is the most used online education platform in India," Anil Nagar, who is also the CEO of Adda247, said after the latest fund-raise.