Google-backed edtech startup Adda247 on Tuesday said that it has acquired Ekagrata Eduserv, a chartered accountancy (CA) test preparation firm.
The move marks Adda247’s entry into the CA test preparation market.
“This acquisition is expected to significantly expand Adda247’s user base, which currently has 40 million monthly users,” the company said in a statement, without disclosing the financial details of the deal.
With this buyout, the startup has acquired three companies, including StudyIQ, a UPSC preparation platform, in 2021, and Veeksha, an augmented reality/virtual reality learning modules platform, in 2023.
“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,” said Adda247 CEO Anil Nagar.
Started by Nagar and Saurabh Bansal in 2016, the platform offers courses for jobs in public sector banks, government departments and the railways. Its offerings include live online classes, on-demand video courses, mock tests, E-books and books tailored for specific exams.
Adda247 provides courses in 12 regional languages and plans to extend its reach to two-three more states and languages this year.
The founders and employees of Ekagrata Eduserv will join Adda247. Anshul Agrawal, founder of Ekagrata Eduserv, will be appointed director-CA at Adda247 to lead that category.
“Joining forces with Adda247 presents an exciting opportunity to scale our impact in the CA test preparation space,” said Agrawal.
As of May, Adda247 has about one million paid users, and the company aims to reach 1.7 million paid users by the end of this year.
The Gurgaon-based company reported revenue of Rs 243.39 crore for 2023-24, up 88% from Rs 129.65 crore in the previous financial year. Its net loss reduced 66% to Rs 101 crore from Rs 296 crore during this period.
The company last raised $35 million in 2022 in a funding round led by WestBridge Capital. The round also saw participation from Google, along with existing investors such as Info Edge Ventures and Asha Impact. In total, it has raised $63 million.
