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Adda247 buys CA test-prep platform Ekagrata

Inshorts · 11m ago

Adda247 buys CA test-prep platform Ekagrata

Adda247 has acquired CA test preparation firm Ekagrata Eduserv for an undisclosed sum. The acquisition marks Adda247's entry into the Rs 800 crore CA test preparation market and expands its offerings in the competitive exam preparation sector. Notably, the acquisition is expected to significantly expand Adda247's user base, which currently stands at 40 million monthly users.

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Adda247 acquires CA test prep platform Ekagrata

Entrackr

Entrackr · 11m ago

Adda247 acquires CA test prep platform Ekagrata

Google-backed edtech company Adda247 has acquired chartered accountancy (CA) test preparation platform Ekagrata Eduserv for an undisclosed amount. Adda247 had previously acquired StudyIQ in January 2021 and Veeksha in July 2023. This acquisition is expected to significantly expand Adda247’s user base, which currently has 40 million monthly users (MAU). It will position Adda247 to capture a substantial share of the booming CA test preparation market, the company said in a press release. As a part of the acquisition, Anshul Agrawal, founder of Ekagrata , will be appointed as the director of CA vertical at Adda247 to lead the category. The strategic acquisition will also see Ekagrata’s employees becoming a part of Adda247. According to market research, the CA test preparation market is valued at Rs 800 crore (nearly $100 million). The acquisition comes soon after Adda247’s expansion into the skilling, up skilling, and higher education sectors. 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. As per startup data intelligence platform TheKredible, Adda247 has raised over $55 million to date from investors like Westbridge, Google, Info Edge, and Asha Impact. The firm was valued at $175 million during its last fundraise in October 2022. Gurugram-based Adda247’s revenue from operations jumped nearly two fold to Rs 115 crore in FY23 from Rs 61 crore in FY22. During the period, the firm’s losses increased by 4X to Rs 110 crore.

Edtech startup Adda247 buys placement preparation platform PrepInsta

Economic Times

Economic Times · 9m ago

Edtech startup Adda247 buys placement preparation platform PrepInsta

Edtech startup Adda247 has acquired placement preparation platform PrepInsta. The financial details of the deal were not disclosed. Adda247 aims to become an integrated provider of job-focused education and skilling programs. This acquisition is the fourth for Adda247, following its previous acquisitions of StudyIQ, Veeksha, and Ekagrata Eduserv. Adda247 plans to expand into the private sector job market and has identified key sectors such as banking, financial services, insurance, and technology for its skilling initiatives. The company currently serves over 40 million users and reported revenue of ₹243.39 crore for 2023-24.

Google-backed Adda247’s revenue doubles, losses grow fourfolds in FY23

Money Control

Money Control · 1y ago

Google-backed Adda247’s revenue doubles, losses grow fourfolds in FY23

Adda247, a vernacular test prep platform backed by Google, reported a 2x increase in revenue for FY23, reaching Rs 129.65 crore. However, the company's losses also escalated, growing nearly fourfold to Rs 109.72 crore, primarily due to increased expenses in investing in its UPSC and vernacular segments. With a focus on test prep and skilling, Adda247 aims to achieve profitability by FY25 and is eyeing an IPO within the next two to three years. The company currently serves 50 million monthly active users and over 2 million paid users.

Consolidation wave: edtech learning theory of survival of the fittest

Economic Times

Economic Times · 11m ago

Consolidation wave: edtech learning theory of survival of the fittest

Several Indian edtech startups have been acquired recently as the industry faces funding challenges and consolidation. Adda247 acquired test prep firm Ekagrata Eduserv, Schoolnet acquired Genius Teacher, Allen Career Institute acquired Doubtnut, and Happiest Minds took over Macmillan Learning India. Smaller companies with unique propositions and specialization in niche categories are being acquired due to favorable valuations. The funding in India's edtech sector has seen a decline over the past year, leading to a need for consolidation. The sector is also facing scrutiny following allegations of corporate governance lapses at Byju's.

WestBridge-backed edtech firm Adda247’s co-founder quits

VCCircle

VCCircle · 9m ago

WestBridge-backed edtech firm Adda247’s co-founder quits

The co-founder of edtech startup Adda247, backed by WestBridge Capital and Google, has resigned from the company. Adda247 operates an exam preparation platform in multiple languages and recently acquired Ekagrata Eduserv Pvt. Ltd.

Adda247 Marks Fourth Acquisition With Placement Preparation Platform PrepInsta

Inc42 · 9m ago

Adda247 Marks Fourth Acquisition With Placement Preparation Platform PrepInsta

Adda247 has acquired PrepInsta, a placement preparation platform, expanding its offerings in job-focused education and skilling programs. This marks Adda247's fourth acquisition, following StudyIQ, Veeksha, and Ekagrata Eduserv. In the financial year 2023-24, Adda247 recorded an 88% YoY revenue growth, reaching INR 243.39 Cr, while reducing its net loss by 66% to INR 101 Cr compared to the previous fiscal year.

WestBridge-backed Adda247 acquires CA-prep firm

VCCircle

VCCircle · 11m ago

WestBridge-backed Adda247 acquires CA-prep firm

Delhi-based edtech startup Adda247, backed by investors like WestBridge Capital, Google, and Info Edge, has made its fourth acquisition. The company, operated by Metis Eduventures, has acquired a CA-preparation firm as part of its expansion strategy. Adda247 offers exam preparation materials and online courses for various competitive exams in India. The acquisition is expected to further strengthen Adda247's position in the market.

Edtech startup Adda247 acquires Veeksha to strengthen test prep amid competition

Money Control

Money Control · 2y ago

Edtech startup Adda247 acquires Veeksha to strengthen test prep amid competition

Edtech startup Adda247 has acquired Veeksha, a move aimed at enhancing its test preparation offerings in the face of increasing competition. The acquisition will enable Adda247 to bolster its position in the market by leveraging Veeksha's expertise and resources. The deal reflects Adda247's commitment to expanding its reach and providing comprehensive educational solutions to students preparing for competitive exams. This comes months after Adda247 allegedly spent as much as Rs 100 crore to poach five teachers from PhysicsWallah, another WestBridge Capital-backed company, to start a platform on YouTube called Sankalp.

Veranda Learning acquires 40.41% Stake in BB Virtuals and 65% in Navkar Digital

Entrackr

Entrackr · 4m ago

Veranda Learning acquires 40.41% Stake in BB Virtuals and 65% in Navkar Digital

Veranda Learning acquires 40.41% Stake in BB Virtuals and 65% in Navkar Digital Veranda Learning Solutions has acquired a 40.41% stake in the CA coaching class BB Virtuals and a 65% stake in the offline coaching provider in Gujarat, Navkar Digital. Veranda Learning will buy an additional 10.59% stake in BB Virtuals by June 2025. This will strengthen Veranda Learning's position in commerce education across India, and its commerce division is expected to reach a pro forma EBITDA of over Rs 120 crore for FY25. Founded in 2018 by Kalpathi AGS Group, Veranda is a publicly listed digital learning platform offering test prep for government exams, banking, insurance, railways, and more. In December last year, Veranda Learning Solutions received approvals to raise Rs 250 crore through a preferential issue. Started by Bhanwar Borana, BB Virtuals is an online platform for CA and commerce aspirants. BB Virtuals claims to have trained over 200,000 students online, producing more than 500 all-India rank-holders. With BB Virtuals’ strong online presence, Veranda will amplify its reach, offering a wider range of resources to support students pursuing professional qualifications in the Commerce segment. Navkar Digital is a well-established offline education platform for chartered accountancy (CA), company secretary (CS), and cost & management accountancy (CMA) aspirants in Gujarat.

The Netflix model may just save India’s online learning apps

Economic Times

Economic Times · 1y ago

The Netflix model may just save India’s online learning apps

Indian edutech companies, such as Physics Wallah and Byju's, have experienced contrasting fortunes in recent times. Physics Wallah, an online test-prep platform, has seen significant growth, attracting 2 million daily users and achieving a valuation of $1.1 billion. In contrast, Byju's has faced challenges, with its K-12 business declining and a $1.2 billion loan remaining unpaid, leading to a proposed rights issue. The rise of Indian edutech followed the clampdown on tutoring in China, causing capital to flow to India. However, online education in India remains viable, particularly in the test-prep market, which experiences high demand.

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