India-based edtech startup Adda247 raises $6m in series B round

Indian online learning platform Adda247 has banked US$6 million in a series B round led by information technology service Infoedge and impact investment platform Asha Impact.

Adda247 founders Anil Nagar (left) and Saurabh Bansal / Photo credit: Adda247

Existing investor STL also participated in the funding round, which brings Adda247’s total amount raised to US$10 million, according to a statement.

Adda247 provides its users with video classes, on-demand video courses, mock tests, and books focused on government exams. It has multiple platforms such as its mobile app, the Adda247 YouTube channel, online bank job preparation portal Bankers Adda, government exams-focused SSC Adda, teaching exam information hub Teachers Adda, and offline test preparation unit Career Power, among others.

With the new funds, the company plans to expand its exam category offerings, add support for more languages on its platform, and expand its presence in the Pan-Indian region.

According to the statement, Adda247 has been operating for 10 years in India, training more than 100 million students. It claims to have more than 3 million daily active users on its various verticals.

The company is present in both online and offline platforms with more than 450 coaching centers and 1,000 teachers across India.

According to a report by India Brand Equity Foundation, India has become the second-largest market for e-learning after the US. The sector is also expected to reach US$1.96 billion by 2021 with roughly 9.5 million users.

Possibly the biggest player in the market is Byju’s, which received US$150 million back in July to fund its global expansion.

CollegeDekho, which connects students with prospective colleges and courses across India, also raised funding this year, bagging US$8 million from parent company Girnarsoft Education Services and London-based private equity firm Man Capital.