Edtech startup Adda247 is in its final leg to raise $35-40 million in a new round from new and existing investors, according to three sources aware of the development. This will be the second funding round for the Gurugram-based startup within a year.
In November 2021, the Gurugram-based company raised a $20 million Series B round, which was exclusively reported by Entrackr.
“WestBridge is leading a $35-40 million Series C round in Adda247 along with participation from Google,” said one of the sources on the condition of anonymity. “This will be the first direct investment from Google in an edtech firm.”
Dunzo is another startup where Google is a direct investor and not through any fund managed by the search engine. In edtech, Google had invested in Cuemath via CapitalG.
Founded by Anil Nagar and Saurabh Bansal, Adda247 is a test prep platform for various government exams such as railways, banking, SSC and public sector jobs focusing on tier II & tier III. Besides its core proposition, it’s also making efforts to cover K-12, JEE and NEET, GATE segments.
The startup claims to have over 20 million monthly active users and more than 30 million YouTube subscribers. It conducts over 10,000 live classes each month.
“The Series C round is likely to close soon and Adda247 will be valued at around $190-200 million (post money),” said another source who also wished not to be identified. This will be a 2X jump in the company’s valuation within a year. As per Fintrackr’s estimates, it was valued at $80-90 million in its Series B round.
In a stock exchange filing on Wednesday, Adda247’s existing investor Info Edge also announced an investment of around Rs 80 crore in the company. The filings also added that Adda247 reported a turnover of Rs 64 crore in FY22 as compared to Rs 46.7 crore in FY21.
Queries sent to Adda247, WestBridge and Google did not elicit an immediate response. We’ll update the post in case they do.
Funding in the edtech segment saw a steep fall from $5.82 billion in 2021 to $2 billion in 2022 till August 15, according to our data tracking platform Fintrackr. A couple of startups such as Sunstone and Bhanzu also raised $35 million and $15 million rounds respectively.