SUMMARY
- Adda247 acquires PrepInsta to expand job-focused education and skill development in private sectors.
- The firm now owns four companies offering diverse programs for govt. Exams and skill training.
- The business experienced 88% revenue growth and reduced losses by 66% in FY24.
Ed-tech platform Adda247 is on the verge of becoming a multi-sector provider of job-focused education and skill development programs as it acquires the placement preparation platform PrepInsta. The deal’s financial dealings were not made public.
With this acquisition, Adda247 now owns four businesses including Veeksha, a platform for AR/VR learning modules, StudyIQ, a platform for UPSC preparation, and Ekagrata Eduserv, a company that prepares for the CA exam.
CEO of the skilling and higher education business at Adda247, Bimaljeet Singh Bhasin has told ET, “We were very focused on government jobs until about four months ago, when we announced our foray into the skilling and higher education space to expand into private sector jobs. The overall narrative is that we want to be a fully integrated player, helping people prepare for jobs and acquire the skills they need while working with enterprises to build talent across both the public and private sectors. Tech is the largest employer purely in terms of numbers and given our aspiration to be a significant player in job-related programs and offerings technology as a sector makes a lot of sense for us to focus on.”
Atulya Kaushik, cofounder of PrepInsta, stated, “Adda247’s user base also has many engineering students & freshers which will help us provide tech and digital skilling programs to Adda247’s more than 1.2 million paid users”.
The Anil Nagar and Saurabh Bansal-led Ed-tech platform, Adda247, founded in 2016, provides exam preparation for various government jobs exams including SSC, IBPS, RRB, and many more. It also offers online coaching for students living in Tier-2 cities and beyond. The firm offers courses in 12 regional languages, with 40 million monthly users and 2 million paid users on their platform.
In the fiscal year 2023–24, Adda247 showed an 88% year-over-year increase in revenue, rising from ₹129.65 crore to ₹243.39 crore. It also reduced its net loss from ₹296 crore in FY23 to ₹101 crore, a 66% decrease.
