Edu-tech startup Adda247 on Thursday said it has raised USD 6 million (about Rs 42.6 crore) in funding, led by Info Edge (India), the parent company of online recruitment portal Naukri.com, and Asha Impact, an impact investment platform.
The series B round of funding also saw participation from STL, an existing investor of Adda247, a company statement said. With the latest round, Adda247 has raised a total of USD 10 million till date, it added.
The company plans to leverage this funding for expanding to new exam categories, adding new languages on the platform and amplifying its pan-India presence.
In a separate regulatory filing, Info Edge (India) on Thursday said it has entered into an agreement to invest about Rs 21 crore in Metis Eduventures (Adda247) as the primary acquisition of shares.
The aggregate shareholding of the company, post this investment, in the said entity would be 6.97 per cent on a fully convertible and diluted basis, it added.
The filing noted that Metis Eduventures' turnover was Rs 46.7 crore as on March 31, 2019. Last week, Info Edge had announced the acquisition of securities in Metis Eduventures for an amount of about Rs 7.06 crore through the secondary purchase of shares from its existing shareholders .
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. It also operates exam-specific platforms like sscadda.com, teachersadda.co.in, bankersadda.com and careerpower.in.
The company has seen 10 times growth in the last three years in terms of revenue and paid users.
Adda247 has more than 40 million users on its platform and over 3 million Daily Active Users, its co-founder and CEO Anil Nagar said adding that "more than 60 per cent of our users come from tier III cities and small towns and that is where we are seeing unprecedented growth and engagement."
Currently, Adda247 is present in both online and offline platforms with more than 450 coaching centres, over 500 professionals and 1,000 teachers associated. It has successfully trained more than 100 million students till date, the statement said
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