Adda247 Strengthens Edtech Presence with Acquisition of Ekagrata Eduserv

Adda247 Acquires CA Test Prep Platform Ekagrata
Preeti Bali / 7:27 am / July 10, 2024

In a move to solidify its position in the competitive education technology (EdTech) market, Google-backed Adda247 has acquired Ekagrata Eduserv, a leading provider of test preparation resources for the Chartered Accountancy (CA) exams. The acquisition amount remains undisclosed.

This strategic move follows Adda247’s previous acquisitions of StudyIQ in 2021 and Veeksha in 2023. With over 40 million monthly users, Adda247 offers a wide range of educational services, including live online classes, pre-recorded video courses, practice tests, and e-books. The addition of Ekagrata’s expertise in CA test prep significantly broadens Adda247’s course offerings and positions them to capture a significant share of the growing CA test preparation market, valued at approximately Rs 800 crore (nearly $100 million).

Ekagrata Joins the Adda247 Family

As part of the acquisition, Ekagrata’s founder, Anshul Agrawal, will take on the role of Director of the CA vertical at Adda247, leading the expansion of this new category. Additionally, Ekagrata’s team will be integrated into Adda247, fostering knowledge sharing and strengthening the combined entity’s capabilities.

Adda247’s Growth Trajectory

Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 has witnessed significant growth in recent years. The company has expanded beyond its initial focus on government exam preparation to encompass skilling, upskilling, and higher education sectors. Financial data from TheKredible reveals that Adda247 has secured over $55 million in funding from investors like Westbridge, Google, Info Edge, and Asha Impact. Their most recent fundraising round in October 2022 valued the company at $175 million.

While Adda247’s revenue from operations nearly doubled from Rs 61 crore in FY22 to Rs 115 crore in FY23, the company’s losses also grew during this period, increasing fourfold to Rs 110 crore. The acquisition of Ekagrata is expected to further propel Adda247’s growth and solidify its position as a leading player in the Indian EdTech landscape.

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