Adda247's Next big move: Acquires Placement Preparation Platform 'PrepInsta'
Google-backed Adda247 is on the verge of becoming a multi-sector provider of job-focused education and skill development programs when it just acquired placement preparation platform PrepInsta.
Nevertheless, the deal's financial dealings were kept a secret.
PrepInsta is a platform that was established in 2019 and provides engineering students with practice for exams and interviews for positions such as software engineer, full stack developer, and data scientist. According to PrepInsta, their concentration on cutting-edge fields such Gen AI, AI/ML, Cloud, and Data helps job seekers in the technology industry.
Adda247 has now purchased four businesses with this buyout. The others are Ekagrata Eduserv, a company that prepares for the chartered accountancy (CA) test that was purchased in July of this year; StudyIQ, a platform for UPSC preparation that was purchased in 2021; and Veeksha, an AR/VR learning modules platform that was purchased in 2023.
Adda247 is an educational technology firm that was founded in 2016 by Nagar and Saurabh Bansal. It provides practice for government employment entrance exams. It provides students who live in Tier-2 cities and beyond with online tutoring. It states that 2 million students are registered in its premium courses, and it has over 40 million monthly users. Adda247 provides instruction in twelve regional languages.
In the fiscal year 2023–24 (FY24), Adda247 showed an 88% year-over-year increase in revenue, rising from INR 129.65 Cr to INR 243.39 Cr. It also reduced its net loss from INR 296 Cr in FY23 to INR 101 Cr, a 66% decrease.
In a funding round headed by WestBridge Capital and including Google as well as long-standing backers including Info Edge Ventures and Asha Impact, Adda247 most recently raised $35 million in 2022. The edtech company has raised a total of $63 million thus far.
Expressing to this, Bimaljeet Singh Bhasin, CEO of skilling and higher education business at Adda247, “This collaboration opens up opportunities for us to launch job-focused skilling initiatives across B2C, helping professionals build tech and digital careers and enterprises, helping organisations build high-quality talent”.
Similarly, Atulya Kaushik, Cofounder, PrepInsta says, “Adda247’s user base also has many engineering students & freshers which will help us provide tech and digital skilling programs to Adda247’s more than 1.2mn paid users”.
