Google backed Edtech startup Adda247 anticipates 88% year-on-year increase in revenue

By siliconindia  |  Monday, 27 May 2024, 12:50 IST

Google backed Edtech startup Adda247 anticipates 88% year-on-year increase in revenue
The popular ed-tech startup Adda247, which is backed by Google has witnessed a record surge in their revenue, which stood at Rs 243.39 crore in FY24, an 88% year-on-year increase from 129.65 crore in FY23. The loss percentage of the company has significantly reduced by 66% to 101 crore, down from 296 crore in FY23.
The startup has accredited this tremendous growth to its existing verticals in government job exams and UPSC, as well as the newly introduced K13 vertical that contributed about 15% to the total revenue. 
The company’s total expenditure came down to 344 crore in FY24 from 425 crore in FY23. A major part of this expenditure was utilized for employee benefits, which amounted to 125 crore, and other expenses, which was aggregated to 170 crore.
The founder and chief executive of the company, Anil Nagar told, “We have added a few verticals, specifically 5-7 within state categories, in the past year. Vernacular (state-level exams) is growing very well for us because, in these non-Hindi regions, it's like an open market, whereas in Hindi, you will find a lot of competition and many players."
He also added, "We will be adding certain categories. We will increase our top of the funnel, but we are going to focus on converting to paid subscribers as well, which will further drive revenue and contribute to our profits."
The Ed-tech platform was started by Nagar and Saurabh Bansal in 2016, which aims to provide courses for jobs in public sector banks, government departments and the railways. Their offerings include live online classes, on-demand video courses, mock tests, E-books, and books, all tailored preparations for specific exams.
Currently, the company has around 1 million paid users, and the company aims to reach 1.7 million paid users by the end of this year. The company has made two acquisitions, which are StudyIQ, a UPSC preparation platform, in 2021, and Veeksha, an AR/VR learning modules platform, in 2023. Few of the notable investors of this firm are WestBridge Capital,Google Info Edge Ventures and Asha Impact.
 

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