Adda247, an edtech startup supported by Google, has seen a remarkable surge in its financial performance, with its revenue for FY24 nearly doubling to Rs 243.39 crore from Rs 129.65 crore in the previous year. Moreover, the company has successfully reduced its net losses by two-thirds, bringing them down to Rs 101 crore from Rs 296 crore in FY23.
Established in 2016 by Nagar and Saurabh Bansal, Adda247 has evolved into a leading provider of educational services targeted at aspirants of public sector bank jobs, government positions, and railway opportunities. The startup delivers an extensive array of educational products, including live online classes, video courses on demand, mock tests, E-books, and printed materials tailored for various competitive exams.
The substantial growth of the company is attributed to strong performances in established sectors like government job exams and UPSC preparation, along with a significant boost from the newly introduced K13 vertical, which contributed about 15% to the overall revenue. Adda247 has found particular success in regions where non-Hindi languages are predominant, benefiting from less competition. A spokesperson from the company highlighted, “Our vernacular offerings for state-level exams are thriving, especially in non-Hindi areas where the market is comparatively open, unlike in Hindi-speaking regions which are highly competitive.”
Live online classes have proven to be the most profitable source of revenue for Adda247, making up almost 70% of its total earnings. The highest demand comes from Uttar Pradesh and Bihar, which together account for about 30-35% of the total revenue. Presently, the platform serves over 40 million monthly users and provides courses in 12 regional languages.
Looking forward, Adda247 is set to broaden its geographical and linguistic reach within the year while also enhancing its skilling and upskilling courses. The company is on a path to reach profitability by the end of this year and is aiming for a potential public listing by 2027. Currently, with around 1 million paid users, Adda247 aims to increase this figure to 1.7 million by the end of the year. To date, the startup has acquired two significant entities—StudyIQ in 2021 and Veeksha in 2023—and has raised a total of $63 million, including a pivotal $35 million investment in 2022 led by WestBridge Capital, with additional funding from Google, Info Edge Ventures, and Asha Impact.
