Homegrown edtech platform Adda247 raises $35 mn, Google new investor
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Government test prep platform Adda247 on Wednesday said it has raised $35 million in a round led by WestBridge Capital. The round also saw Google as a new investor.
The platform will invest the raised capital in enhancing its tech and product profile, expanding its student counselling team and hiring for some key leadership roles.
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 caters to the learning needs of millions of students from tier 2 and 3 cities.
"We come from a rural background and have seen people suffering due to a lack of guidance and quality education. We want to help create a level-playing field by providing all kinds of learning solutions to students from all backgrounds," said Nagar.
The latest funding round also saw participation from the existing investors, including Info Edge and Asha Impact.
Adda247 currently has 22 million monthly active users, and a total of two million paid users to date.
"It is one of the rare profitable ed-tech companies in India and is also growing at a rapid pace," said Sandeep Singhal, WestBridge Capital.
Adda247 has one of the largest content repositories consisting of more than 3 million questions, over 50,000 hours of recorded video lectures as well as a state-of-the-art e-books library. Its courses are available in 12 languages.
