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Adda247 announces ESOP buyback for over 130 employees

Entrackr · 1m

Google-backed edtech company Adda247 has announced its first ever employee stock ownership plan (ESOP) buyback for over 130 employees across various roles and functions. Recently, the edtech firm acquired chartered accountancy (CA) test preparation platform Ekagrata Eduserv for an undisclosed amount. This ESOP buyback comes in light of the company’s plan to go public (IPO) in 2026. The buyback price is averaging 40 times the initial purchase price. Co-founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247’s offerings include live online classes, on-demand video courses, mock tests, and e-books. Additionally, the company has expanded into the skilling, up-skilling, and higher education sectors. The company claims to serve over 40 million monthly users and has 2 million students enrolled in its premium courses. Last week, food delivery and quick commerce decacorn Swiggy announced an ESOPs liquidity programme worth $65 million. In the ongoing calendar year, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, and Pocket FM have bought back ESOPs from their employees. According to startup data intelligence platform TheKredible, the total EOSP buyback by Indian startups stood at nearly $802 million in 2023. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively