Adda247 raises $20 million in funding round led by WestBridge Capital
Its existing investors—including Info Edge (India) Ltd., Asha Impact and JM Financial—also participated in the fundraising. The new capital will be used by the company to strengthen its technology as well as for hiring in senior roles, according to a statement issued on Tuesday. It is also exploring potential acquisitions that can complement its existing offerings.
Founded in 2010 by Anil Nagar and Saurabh Bansal, Adda247 offers live video classes, on-demand video courses, mock tests, and books focused on government examinations. The New Delhi-based startup claims to have around 15 million monthly active users.
“India, at present, has more than 50 crore learners, which makes the educational market enormous and open for diverse requirements,” CEO Nagar said. “We will be using the latest round of funds to improve the learning outcomes on our platform and give our users a superior learning experience.”
Adda247 largely targets learners outside the top metros and offers courses in regional languages like Tamil, Telugu, Malayalam, Bengali and Odia. It recently entered the K12 segment targeting state board students in Tier II and Tier III towns.
“Adda247’s founders have built a promising and differentiated platform for government job seekers in India, which has the potential to create large-scale impact with a sustainable business model,” said Sandeep Singhal, cofounder and managing director at Adda247.
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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
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