Google-backed startup Adda247’s revenue jumped 88% to INR 243.39 Cr. They also managed to decrease their net loss by 66% to Rs 101 crore. This growth was attributed to their existing verticals focusing on government job exams and UPSC and the introduction of new verticals like K13 (CUET, NEET & JEE), which contributed around 15% to their total revenue.
Furthermore, they were able to reduce expenses, from Rs 425 crore in FY23 to Rs 344 crore in FY24. A significant portion of this reduction was seen in employee benefits, totaling Rs 125 crore, and other expenses amounting to Rs 170 crore.
Adda247’s Revenue Breakdown and Expansion Plans
According to Adda247, most of their revenue comes from live classes, which make up about 70%. They also mentioned that around 30-35% of their revenue comes from states like Uttar Pradesh and Bihar. Adda247 offers courses in 12 regional languages and has over 40 million people using its platform each month. This year, they plan to expand to 2-3 more states and languages.
Their goal is to start making a profit by the end of this year and possibly go public by 2027. To this end, they’re investing more money in their new skilling courses. They also want to focus on getting more people to pay for their courses, which they think will bring in more money and help them make a profit.
Adda247’s Growth and Acquisitions
Adda247, started in 2016 by Anil Nagar and Saurabh Bansal, provides online coaching for competitive exams. They offer video courses and mock tests for over 500 competitive exams in 12 different Indian languages.
Adda247 currently has 1 million users who pay for their courses, and they’re aiming to grow this number to 1.7 million by the year’s end. The company has expanded its reach through acquisitions, including StudyIQ, a platform for UPSC exam preparation, acquired in 2021, and Veeksha, specializing in AR/VR learning modules, acquired in 2023.
Financially, Adda247 secured $35 million in funding in 2022, with WestBridge Capital leading the round. Google and existing investors like Info Edge Ventures and Asha Impact also participated, bringing the total raised funds to $63 million.
Also Read:
Paytm Layoffs Ahead, up to 6,300 Jobs at Risk Amid Company Crisis
Microsoft Introduces New AI Tools, From GPT-4 to AI-Powered Windows PCs
