Edtech startup Adda247 is in its final stretch to raise $35-40 million in a new round from new and existing investors, according to three sources familiar with the development. This will be the second round of funding 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 tracker.
“WestBridge is leading a $35-40 million Series C round in Adda247 along with participation from Google,” one of the sources said on condition of anonymity. “This will be Google’s first direct investment in an education technology company.”
Dunzo is another startup in which Google is a direct investor and not through any fund managed by the search engine. In edtech, Google had invested in Cuemath through CapitalG.
Founded by Anil Nagar and Saurabh Bansal, Adda247 is a test preparation platform for various government exams such as Railway, Banking, SSC and Public Sector Jobs focusing on Level II and Level III. In addition to its core offering, it is also striving to cover the K-12, JEE and NEET, GATE segments.
The startup claims to have more than 20 million monthly active users and more than 30 million YouTube subscribers. He conducts more than 10,000 live classes every month.
“The Series C round is likely to close soon and Adda247 will be valued at around $190-200 million (later money),” said another source who also wished not to be identified. This will be a 2X jump in the company’s valuation a year from now. according to by fintrackr 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 compared to Rs 46.7 crore in FY21.
Inquiries sent to Adda247, WestBridge and Google did not get an immediate response. We’ll update the post if they do.
Funding in the edtech segment saw a sharp drop from $5.82 billion in 2021 to $2 billion in 2022 until August 15, according to our data tracking platform fintrackr. A couple of startups like Sunstone and Bhanzu also raised $35 million Y $15 million rounds respectively.