Total amount raised
$61.2 Million
Latest funding date
10/1/2022
Location
Adda247 has successfully raised funds through four distinct funding rounds, with the most recent being a Series B round. The platform has attracted a total of seven investors, including notable names like JM Financial and Asha Impact.
As an edtech platform, Adda247 offers a variety of online coaching classes, mock tests, and study materials for various government and entrance exams in India. Keep reading to explore the intricacies of Adda247's fundraising journey and the investors backing this innovative platform.
What Is Adda247?
Adda247, founded in 2010, is a prominent edtech platform based in Gurgaon, Haryana, India. The company specializes in providing educational services for various government and entrance exams.
With a workforce of 501-1000 employees, Adda247 offers a wide range of online courses, mock tests, video courses, e-books, and printed books. The platform is known for its high-quality study materials and expert faculty, catering to a diverse audience with vernacular learning options in multiple regional languages.
How Much Funding Has Adda247 Raised?
- Series B
- Amount Raised: $35 million
- Date: October 2022
- Lead Investors: WestBridge Capital
- Valuation at Round: $175 million
- Motivation Behind the Round: To support growth and expansion, particularly in government exam preparation.
- Series B
- Amount Raised: $18.75 million
- Date: November 2021
- Lead Investors: WestBridge Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service offerings and expand market reach.
- Series B
- Amount Raised: $6 million
- Date: November 2019
- Lead Investors: Asha Impact
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and acquisition strategy.
- Secondary Market
- Amount Raised: $706,000
- Date: October 2019
- Lead Investors: Info Edge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and support ongoing operations.
Total Amount Raised: $60.456 million. Current Valuation: $175 million.
Key Investors
- WestBridge Capital
- Details: WestBridge Capital is a leading investment firm that focuses on investments in India and South Asia. They have a strong track record of backing high-growth companies.
- Investment Focus Areas: Technology, healthcare, financial services, consumer goods, education.
- Notable Investments: PolicyBazaar, Delhivery, Star Health.
- Info Edge
- Details: Info Edge is an Indian internet company that owns several online businesses, including Naukri.com, 99acres.com, and Jeevansathi.com. They are known for their significant investments in the tech and internet sectors.
- Investment Focus Areas: Internet-based businesses, online job search, real estate, matrimony, education.
- Notable Investments: Zomato, PolicyBazaar, Happily Unmarried.
- Google
- Details: Google is a global technology company specializing in internet-related services and products. They are one of the most influential tech companies in the world.
- Investment Focus Areas: Technology, internet services, artificial intelligence, cloud computing, hardware.
- Notable Investments: SpaceX, Uber, Airbnb.
- Asha Impact
- Details: Asha Impact is an investment firm focused on the education technology sector. They aim to support companies that have a significant social impact.
- Investment Focus Areas: Education technology, social impact, healthcare, financial inclusion.
- Notable Investments: Specific notable investments are not mentioned.
- JM Financial
- Details: JM Financial is a financial services group in India offering a range of services including investment banking, asset management, and wealth management. They have a strong presence in the Indian financial market.
- Investment Focus Areas: Investment banking, asset management, wealth management, real estate, infrastructure.
- Notable Investments: Specific notable investments are not mentioned.
What's Next for Adda247?
As Adda247 looks to the future, the opportunities for growth are vast. The platform is poised to expand into new markets such as K–12, JEE, NEET, and GATE, leveraging its large user base of over 20 million active users per month and 30 million YouTube subscribers. This expansion could significantly increase its market penetration, especially in tier II and III cities.
Future fundraising opportunities appear promising, with plans for a second round of funding already in motion. The involvement of major investors like WestBridge Capital and Google suggests that Adda247 is well-positioned to attract further investment. However, the company must navigate a more competitive and challenging funding environment, as the overall edtech sector has seen a significant decline in funding.
Despite these opportunities, Adda247 faces several challenges. The decline in the overall funding environment for edtech startups and increased competition from other companies are significant hurdles. Additionally, managing and reducing significant losses, which grew by 91% from Rs 7.96 crore in FY20 to Rs 15.2 crore in FY21, will be crucial for sustainable growth.
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