Edtech platform Adda247 on Tuesday said it has raised around USD 20 million (about Rs 150 crore) in a funding round led by WestBridge Capital. The Series B funding round also saw participation from existing investors, including Info Edge, Asha Impact and JM Financials, the company said in a statement.
“The latest infusion of the funds will be utilised to optimise technology & product and conduct senior-level hiring. The edtech company is also foreseeing the acquisition of a few companies with complementary offerings,” the statement said. Founded in 2010, Adda247 offers products like live-video classes, on-demand video courses, mock tests, and books focused on government examinations and claims to have 15 million monthly active users on its platform.
“India at present has more than 500 million learners, which makes the country’s educational market enormous and open for diverse requirements. We will be using the latest round of funds to improve the learning outcomes on our platform and give our users a superior learning experience,” Adda247 founder and CEO Anil Nagar said.
WestBridge Capital managing director and co-founder Sandeep Singhal said that Adda247’s founders have built a promising and differentiated platform for government job seekers in India, which has the potential to create large scale impact with a sustainable business model. “We look forward to supporting them in their endeavours and the next phase of their growth,” Singhal said.