Adda247 receives funding of $35 million from WestBridge Capital

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WestBridge Capital led an additional $35 million round of financing for Adda247, an edtech startup. Google, along with Info Edge, Asha Edu Tech and JM Financial were also part of the round. It is now known that Adda247 will raise another round on September 21.

According to regulatory filings at the Registrar of Companies, Adda247 approved a special resolution for 52,476 Series B mandatory convertible preference shares (CCPS), at a price of Rs53,236.8 per Share to raise Rs 279.4 Crore, or $35 Million.

WestBridge Capital led the round, contributing Rs 150 crore ($18.75million). Info Edge and Google contributed Rs 75 crore each, and Rs 38.86 million, respectively. JM Financial invested Rs. 4.7 crore, while Asha Edu Tech contributed Rs 10.81 crore. Fintrackr estimates that the company’s value is Rs 1,400 crore ($175million) post-allotment.

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Saurabh Bansal and Anil Nagar founded Adda247. This test preparation platform is for various government exams with a focus on tier II/III cities. These exams include those for public sector jobs, banking, SSC and railways. The organisation also works to cover the K-12 and JEE markets, as well as NEET, GATE, and NEET.

According to the business, it boasts more than 20,000,000 active users per month and more 30 million YouTube subscribers. Gurugram-based business claims it offers more than 10,000 live classes per month.

After the distribution of Series B financing, WestBridge Capital became the largest shareholder of the company with a 28.36% stake. Info Edge has a 23.01% share. The company’s founders Anil Nagar and Saurabh Bansal own 29.78% each. Each stake is 4.2%, 2.77% and 1.34% respectively by Asha Edu Tech, JM Financial and Investment and Google.

While Adda247 has yet to submit its financial data for FY22. However, the RoC’s annual financial records show that its scale fell 11.3% from Rs 40.25 Crore in FY20 to Rs 33.75 crore in FY21. Its losses increased by 91% from Rs 7.96 crore FY20 to Rs 15.2 million FY21.

Fintrackr’s data analytics platform Fintrackr shows that funding for the edtech industry fell dramatically from $5.82 Billion in 2021 to $2 Billion in 2022, as of August 15. In the past two months, Sunstone and Bhanzu raised respective $35 million and $15 millions in rounds.

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