Adda247, an edtech company, has raised $35 million in a new round led by WestBridge Capital. Google, as well as current investors Info Edge, Asha Edu Tech, and JM Financial, took part in the fundraising.
Adda247’s board of directors authorized the offering of 52,476 Series B compulsory convertible preference shares (CCPS) at an issue price of Rs 53,236.8 per share to raise Rs 279.4 crore or $35 million, according to regulatory filings with the Registrar of Companies (RoC).
WestBridge Capital led the round with Rs 150 crore ($18.75 million), with Info Edge and Google following closely after with Rs 75 crore and Rs 38.86 crore, respectively. JM Financial contributed Rs 4.7 crore, while Asha Edu Tech contributed Rs 10.81 crore.
Fintrackr estimates that the company is valued at around Rs 1,400 crore ($175 million) (post-allotment).
Anil Nagar and Saurabh Bansal launched Adda247, a test prep platform focusing on tier II and III cities for various government examinations like as railways, banking, SSC, and public sector employment. In addition, the company is seeking to cover the K-12, JEE, NEET, and GATE divisions.
The company claims to have over 20 million monthly active users and over 30 million YouTube subscribers. Every month, the Gurugram-based startup promises to host over 10,000 live sessions.
WestBridge Capital currently owns 28.36% of the company following the Series B investment, followed by Info Edge, which holds 23.01%. The firm’s promoters, Anil Nagar, Saurabh Bansal, and Sushil Kumar, hold 29.78% of the company. Asha Edu Tech, Google, and JM Financial and Investment each hold 4.2%, 2.77%, and 1.34% interests, respectively.
While Adda247 has yet to announce its financial results for FY22, its scale declined 11.3% to Rs 35.7 crore in FY21 from Rs 40.25 crore in FY20, according to annual financial documents submitted with the RoC. Its losses soared by 91% in FY21, to Rs 15.2 crore, from Rs 7.96 crore in FY20.
