Adda247 Announces 100% YoY Revenue Growth in FY 2023, Reporting INR 130 CR Revenue
Adda247, India’s leading premier multilingual learning platform backed by Google, raised $35 million in November 2022 at a valuation of INR 175 crore
Google-backed Adda247, India’s premier multilingual learning platform, has announced its financial performance for the fiscal year 2023. The company has registered a revenue of INR 130 crore, doubling its revenue from INR 64 crore in the previous fiscal year— a staggering year-on-year growth of 100%. Additionally, the company has unearned revenue of INR 87 Crore, which will be accounted as revenue in the financial year (FY24) & onwards.
Adda247 offers a wide range of online preparation courses for over 500 examinations, such as CUET, IIT JEE, NEET, UPSC, and various government job exams including Banking, SSC, Teaching, and Defence. The company raised $35 million in November of the previous year at a valuation of INR 175 crore. It currently boasts 50 million monthly active users and more than 2 million paid subscribers.
The company’s revenue is primarily generated from its app-based offerings, which include paid video courses, live classes, and educational books. The Adda247 application has an impressive 6 million active users, of which 2 million are paid subscribers. Additionally, Adda247 has a robust YouTube presence with over 28 million subscribers and 200 million monthly views across its channels. The firm’s operational expenses stand at INR 212 crore, encompassing faculty compensation, corporate salaries, and server costs. The platform operates across more than 30 diverse revenue verticals.
Over the last year, Adda247 has strategically invested in expanding its offerings across various examination categories, augmenting its vernacular content, and bolstering its UPSC exam preparation capabilities. The company has an impressive workforce of 400 teaching professionals and 1,900 employees, marking a significant 60% workforce growth compared to last year. Adda247 has also granted Employee Stock Option Plans (ESOPs) valued at INR 150 crore, with a four-year annual vesting period.
Anil Nagar, Founder & CEO of Adda247, commented on the financial results, saying, “Our remarkable growth trajectory over the past year is a testament to the relentless dedication of our team and the unparalleled trust millions of students have in Adda247. As we aspire to democratize education for everyone, our plan to go public in the next 2-3 years is in line with our vision for sustainable growth and reaffirms our commitment to revolutionizing the education sector.”
Adda247 has been a pivotal force in reaching more than 100 million students beyond urban locales, delivering high-quality online education in 12 regional languages. In a strategic move to enhance its offerings in the UPSC and State PSC segments, Adda247 acquired UPSC-focused ed-tech platform StudyIQ Education in 2021.
About Adda247
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 aims to empower every Indian youth by providing them with career guidance and quality education. Adda247 caters to more than 50 million users on its various platforms every month by providing online courses for more than 500 exams including Govt Job Exams, UPSC, IIT JEE NEET, CUET etc.
The platform offers comprehensive solutions for all learning needs, including – Online Live Classes, on-demand video courses, mock tests, e-books etc. Adda247 has one of the largest content repositories consisting of more than 3 million questions, over 50,000 hours of recorded video lectures as well as a state-of-the-art e-books library. Adda247 courses are available in 12 languages – English, Hindi, Tamil, Telugu, Marathi, Bengali, Odia, Punjabi, Gujarati, Assamese, Malayalam and Bhojpuri.
