Info Edge announced an investment of around Rs 80 crore in test preparation platform, Adda 247. The company’s stake in Adda247 after this investment will stand at 23.01% on a fully converted and diluted basis.
In October 2019, Info Edge invested Rs. 7.06 crore to acquire a 7.06 per cent stake in the company. Further, it infused an additional Rs 21 crore in November 2019 as a part of a Series B round, marking its stake to 17 per cent. The company again pumped in Rs 41.2 crore into the edtech startup.
Founded in 2010 by Anil Nagar and Saurabh Bansal, Adda247 is a test preparation platform catering to students from tier-II and tier-III cities. Besides its online presence, the edtech platform has traditional offline classrooms to cater to aspirants opting for it. The startup is Backed by other marquee investors such as Westbridge Capital and JM Financial, the platform provides online courses for government exams including banking, railways, defence, and teaching; JEE/NEET entrances; engineering exams; and school curriculums from grades I-XII.
The startup claims to have over 15 million monthly active users and more than 9 million YouTube subscribers. According to the statement by Info Edge, Adda247 witnessed a turnover of Rs 64 crore in FY22, compared to Rs 46.7 crore in FY21, a 27 per cent rise year-on-year.
The backing of Adda247 is the second bet by Info Edge on an associate company this month. On September 2, the company, via subsidiary Allcheckdeals, announced an investment of Rs 90 crore in 4B Networks. After this development, Allcheckdeals holds a 59.8 per cent stake in the proptech startup.