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News on Medial
Adda247 Cofounder Chandan Singh Quits After 5 Years
Inc42
·
11m ago
Medial
Nearly two years after his promotion to cofounder of Adda247 from his previous role as Chief Product Officer (CPO), Chandan Singh has decided to leave the edtech startup. He announced his departure in a LinkedIn post, revealing that he officially stepped away from the company last month. Singh’s exit marks a significant transition for both him and the startup.
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WestBridge-backed edtech firm Adda247’s co-founder quits
VCCircle
·
11m ago
Medial
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.
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Dealshare names Kamaldeep Singh as CEO, third cofounder Medda quits
Economic Times
·
1y ago
Medial
Troubled ecommerce firm Dealshare has appointed Kamaldeep Singh as its CEO, following an investor-led restructuring. The appointment comes after a six-month selection process by a global executive search firm. Singh, who was previously the CEO of BigBazaar, joined Dealshare in December 2022 as the president of the retail business. Another co-founder, Sourjyendu Medda, has also left the company, joining the ranks of other former executives who have moved on from Dealshare. The company is focused on transitioning from an online-only model to a hybrid model combining online and offline operations.
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Edtech startup Adda247 acquires Veeksha to strengthen test prep amid competition
Money Control
·
2y ago
Medial
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.
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Adda247 Hires Former NIIT Exec Bimaljeet Singh As CEO To Scale Up Higher Education Business
Inc42
·
1y ago
Medial
Edtech startup Adda247 has appointed Bimaljeet Singh, a former president of NIIT, as CEO of its skilling and higher education verticals. Singh's experience leading a skilling giant, plus his innovative approach to industry collaboration, aligns with the company's mission. Adda247 offers video courses and mock tests for over 500 competitive exams in 12 Indian languages, with a monthly active user base of 40 million and 2 million students. Though the startup's losses widened for FY23, reaching INR 296 crore ($40 million), operating revenue grew to INR 114.8 crore.
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Zomato Cofounder, CPO Akriti Chopra Quits
Inc42
·
11m ago
Medial
Akriti Chopra has recently resigned from her position at Zomato, according to the company. She held a senior management role and decided to leave to pursue other opportunities. Chopra was promoted to cofounder of the foodtech company earlier this year, coinciding with Zomato's preparations for its initial public offering (IPO).
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Unacademy cofounder and CTO Hemesh Singh quits
Economic Times
·
1y ago
Medial
Hemesh Singh, co-founder of edtech platform Unacademy, has announced his decision to step down as Chief Technology Officer and transition to an advisory role. Singh, who helped build the platform alongside Gaurav Munjal and Roman Saini, expressed gratitude for the journey and the positive impact they made on the test prep industry. Unacademy, which began as a YouTube channel and became an influential edtech unicorn, recently changed its goals for Munjal and Singh to access additional voting rights ahead of a potential IPO. The company raised $440 million in a funding round last year, valuing it at $3.4 billion.
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Adda247 acquires CA test prep platform Ekagrata
Entrackr
·
1y ago
Medial
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.
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Edtech startup Adda247 fires 300 employees
Entrackr
·
1y ago
Medial
Edtech startup Adda247 has reportedly laid off around 250-300 employees, marking the company's first round of layoffs in recent years. The layoffs affected various verticals, including StudyIQ, a UPSC-focused platform acquired by Adda247. Sources claim that the downsizing was driven by the need to extend the runway as funding becomes scarce in the edtech sector. Adda247, backed by WestBridge Capital and Google, has raised over $60 million and was valued at $175 million in its last funding round. The company's revenue surged to Rs 61.5 crore in FY22, but losses also increased by 90% to Rs 28.8 crore.
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Adda247 posts Rs 115 Cr revenue in FY23; losses zoom 4X
Entrackr
·
1y ago
Medial
Gurugram-based edtech platform Adda247 recorded a revenue of Rs 115 crore in FY23, marking an 89% increase from the previous year. Despite the positive growth, the company's losses grew four times during the same period. The majority of the revenue came from the sale of online courses, e-books, and test series. Adda247 aims to cover various segments, including K-12, JEE, and GATE, while also targeting profitability by FY25 and considering an IPO in the next two to three years.
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SucSEED Venture Partners’ cofounder quits, says to build ‘something new'
VCCircle
·
7m ago
Medial
Dhiraj Kumar Sinha, cofounder of SucSEED Venture Partners, has exited the early-stage investment firm, which runs a blind pool angel fund and is establishing a venture capital fund. SucSEED has invested in companies such as SupplyNote, str8bat, We360.ai, ConsCent, and SportVot. Sinha plans to pursue a new venture following his departure.
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