India-based Adda247, an edtech platform offering professional training courses for senior hires and exam preparation, raised USD 20 million in the B round on 30th November.
Investors: The investment round was led by WestBridge Capital. In addition to Info Edge, Asha Impact, and JM Financials, existing investors also participated in this round to hold their stakes until further investment.
Purpose of funding: The startup plans to invest funds in strengthening its technology and hiring skilled employees. Further, the startup is focused on expanding its reach and promoting its brand. It is also considering potential acquisitions that complement its current offering.
Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 is located in Gurgaon, India. Adda247 is an edtech platform offering professional training courses for senior hires and exam preparation. The startup provides live classes and learning solutions in nine languages that cater to all the educational needs for senior-level hiring, including online training for competitive exams like banking, SSC, teaching, GATE, JEE, NEET, UPSC, and state examinations. Its goal is to bring quality education to the masses, level the playing field, and make learning affordable for everyone. The startup has more than fifteen million monthly active users and two million paying customers.
What the founder has to say
“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 learning outcomes on our platform and give our users a superior learning experience,” said Anil Nagar, founder and CEO at Adda247.
What the investors have to say
“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,” said Sandeep Singhal, managing director and co-founder at WestBridge Capital.
“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,” said Kitty Agarwal at InfoEdge.
“Anil and Saurabh have shown remarkable leadership over the last 18 months and have built a category leading company that over 20 million 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,” said Pramod Bhasin, Co-founder at Asha Impact.
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