Google-backed ed-tech platform Adda247 has acquired Ekagrata Eduserv, a platform for chartered accountancy test preparation, for which the amount remains undisclosed.
The Gurugram-based platform’s current user base is 40 million monthly users which is set to expand and diversify its offerings post the acquisition as the ed-tech platform newly enters the CA test preparation market, which is valued at $100 million. Anshul Agrawal, Ekagrata’s founder, will be leading the CA category as he is set to be appointed as the director for the same. The move comes as ‘acquihire’ as Ekagrata’s employees will be continuing with their roles.
Co-founder Anil Nagar, has spoken on the acquisition, sharing that Adda247 had been planning to enter the category and they found the perfect platform in Ekagrata Eduserv. This has made the firm capable of catering to students from every category. Anshul Agarwal also shared optimism over now providing CA education through Adda247’s wide platform.
Anil Nagar and Saurabh Bansal co-founded the platform in 2016, with its services now including live online classes, mock tests, e-books and on-demand video courses. Adda247 had recently expanded into skilling, up-skilling, and higher education sectors.
The firm had also acquired Veeksha in July 2023, and going further back in time, StudyIQ in January 2021. The company’s expansion strategy aligns with its aim of making the youth job-ready through its resources across 500 exams.
The ed-tech platform’s revenue from operations grew by almost two times from 61 crore in FY22 to Rs 115 crore in FY23, while the losses too increased by four times from about 28 crore in FY22 to Rs 110 crore in FY23.
As for the investments, TheKredible reports that the ed-tech firm has secured more than $55 million as of now, with the major investors being Google, Westbridge, and Asha Impact. In its last funding round in October 2022, Adda247 was valued at $175 million.
