Adda247 Buys Ekagrata Eduserv To Enter CA Test Prep Space

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SUMMARY

Ekagrata has a product lineup for CA aspirants, which directly aligns with Adda247’s core strategy of providing online courses for competitive exam preparation

Anshul Agrawal, founder of Ekagrata will be appointed as director – CA at Adda247 to lead the category

Adda247 saw 88% year-on-year growth in revenue to INR 243.39 Cr in the financial year 2023-24

In a bid to further diversify its offerings in the competitive exam preparation space, edtech startup Adda247 has bought Ekagrata Eduserv, marking its foray into the CA test preparation segment.

However, the financial terms of the deal were not disclosed.

Ekagrata has a product lineup for CA aspirants, which directly aligns with Adda247’s core strategy of providing online courses for competitive exam preparation. This acquisition is expected to significantly expand Adda247’s user base, which currently claims to have 40 Mn monthly users.

With this acquisition, Ekagrata founder Anshul Agrawal will join as director – CA at Adda247 to lead the category.

“We’ve been planning to launch the CA category, and in Ekagrata, we found the perfect team to lead and grow this segment. Over the next several years, we aim to invest substantially in this category and establish a leadership position in the CA test preparation market. With this, our range of offerings has reached a new level of comprehensiveness, catering to aspiring students from every category,” Anil Nagar, founder and CEO of Adda247, said.

Founded in 2016 by Nagar and Saurabh Bansal, Adda247 offers online coaching for competitive exams. The edtech platform also offers video courses and mock tests for more than 500 competitive exams in 12 Indian languages.

Adda247 is backed by investors like Westbridge, Google, and Info Edge. The startup last raised funding in October 2022, when it secured $35 Mn from the likes of Google, WestBridge Capital, Info Edge and Asha Impact.

Adda247 saw 88% year-on-year growth in revenue to INR 243.39 Cr in the financial year 2023-24 (FY24) from INR 129.65 Cr in the previous fiscal year.

Adda247 attributed this growth to the already existing verticals across government job exams, UPSC and the newly introduced K13 verticals (CUET, NEET & JEE) that contributed around 15% to the total revenue.

The company also narrowed its net loss by 66% to INR 101 Cr, down from INR 296 Cr in FY23, it said in a press statement.

The company’s revenue is primarily generated from its app-based offerings, including paid video courses, live classes, and educational books. Over the past year, Adda247 has strategically focused on sustaining growth in government job test preparation and developing new verticals to cater to the evolving educational needs of its vast user base.





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Adda247 Buys Ekagrata Eduserv To Enter CA Test Prep Space


SUMMARY

Ekagrata has a product lineup for CA aspirants, which directly aligns with Adda247’s core strategy of providing online courses for competitive exam preparation

Anshul Agrawal, founder of Ekagrata will be appointed as director – CA at Adda247 to lead the category

Adda247 saw 88% year-on-year growth in revenue to INR 243.39 Cr in the financial year 2023-24

In a bid to further diversify its offerings in the competitive exam preparation space, edtech startup Adda247 has bought Ekagrata Eduserv, marking its foray into the CA test preparation segment.

However, the financial terms of the deal were not disclosed.

Ekagrata has a product lineup for CA aspirants, which directly aligns with Adda247’s core strategy of providing online courses for competitive exam preparation. This acquisition is expected to significantly expand Adda247’s user base, which currently claims to have 40 Mn monthly users.

With this acquisition, Ekagrata founder Anshul Agrawal will join as director – CA at Adda247 to lead the category.

“We’ve been planning to launch the CA category, and in Ekagrata, we found the perfect team to lead and grow this segment. Over the next several years, we aim to invest substantially in this category and establish a leadership position in the CA test preparation market. With this, our range of offerings has reached a new level of comprehensiveness, catering to aspiring students from every category,” Anil Nagar, founder and CEO of Adda247, said.

Founded in 2016 by Nagar and Saurabh Bansal, Adda247 offers online coaching for competitive exams. The edtech platform also offers video courses and mock tests for more than 500 competitive exams in 12 Indian languages.

Adda247 is backed by investors like Westbridge, Google, and Info Edge. The startup last raised funding in October 2022, when it secured $35 Mn from the likes of Google, WestBridge Capital, Info Edge and Asha Impact.

Adda247 saw 88% year-on-year growth in revenue to INR 243.39 Cr in the financial year 2023-24 (FY24) from INR 129.65 Cr in the previous fiscal year.

Adda247 attributed this growth to the already existing verticals across government job exams, UPSC and the newly introduced K13 verticals (CUET, NEET & JEE) that contributed around 15% to the total revenue.

The company also narrowed its net loss by 66% to INR 101 Cr, down from INR 296 Cr in FY23, it said in a press statement.

The company’s revenue is primarily generated from its app-based offerings, including paid video courses, live classes, and educational books. Over the past year, Adda247 has strategically focused on sustaining growth in government job test preparation and developing new verticals to cater to the evolving educational needs of its vast user base.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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