The online learning platform, Adda247 has now secured a $6 million in the funding round of Series B from the InfoEdge India and Asha Impact. STL, who is the current investor of the Adda247, also participated in the latest funding round.
The company was founded in Saurabh and Anil in the year 2010; it provides products like live video classes, mock tests, on-demand video courses, and books, which is much more focused on the government examinations. The company also claims that it has recorded ten times growth in the previous three years in terms of the paid users and revenues.
Anil Nagar, Co-founder, and CEO, Adda247, said,
“Last year, more than 90 percent of the selected candidates in government jobs (banking and SSC categories) used one or the other Adda247 service for exam preparation. 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. More than 60 percent of our users come from Tier III cities and small towns, and that is where we see unprecedented growth and engagement. The funds will be utilized to expand to new exam categories, create vernacular capabilities, and build a world-class product.”
As of now, Adda247 has a presence on both the offline and online platforms, with more than 450 coaching events, 1000 teachers, and 500 professionals across the country.