Adda247 raised $20 Mn in a new round drove by Westbridge
- October 31, 2021
- 0
Adda247, an edtech startup zeroed in on the public authority test preparation section, is in advanced stage talks to raise $20 million from a new and existing investor,
Adda247, an edtech startup zeroed in on the public authority test preparation section, is in advanced stage talks to raise $20 million from a new and existing investor, said two sources aware of the details of the transaction.
On September 21, Entrackr had solely announced that Adda247 was scouting for a new round. The Gurugram-based firm was also in talks with edtech giant Unacademy for a potential acquisition. But the deal has fallen through for undisclosed reasons.
“Westbridge is in late-stage conversations to lead the new round while existing investor Info Edge has already dedicated a significant lump,” said one of the sources on the state of anonymity. “The details of the deal have been almost sealed and the round may materialize in half a month from now.”
As of now, Adda247 has cleaned up $10 million in hazard capital including a $6 million Series B round which was led by Info Edge in November 2019.
This is the second major investment for Westbridge in an edtech startup in India this year. The investment firm had as of late participated in Vedantu’s Series E round.
According to Entrackr’s sources, Adda247 is probably going to be valued in the range of $80-100 million in the potential round. If the investment materializes around this number, the company’s valuation will record a 3X leap. It was valued at around $25-30 million as of November 2019.
Caveat: The conditions of the deal may change at the last second.
Inquiries shipped off Adda247, Westbridge and InfoEdge didn’t get an immediate reaction. We’ll update the post in case they do.
Established by Anil Nagar and Saurabh Bansal, Adda247 is a test prep platform for various government exams like railways, banking, SSC and public sector jobs focusing on level II and level III. Besides its center suggestion, it’s also trying to cover K-12, JEE and NEET, GATE sections.
According to Adda247 app, it targets learners outside the metros and gives courses in 10 languages including Tamil, Telugu, Malayalam, Bengali and Odia. While Adda247 rivals all the leading edtech platforms that attention on government exams preparation, its immediate competitors include Testbook and Pariksha.
