Adda247 Reports 88% Revenue Surge to Rs 243 Crore in FY24

Adda247, a leading edtech startup backed by Google, has achieved a remarkable 88% year-on-year increase in revenue, reaching Rs 243.39 crore in FY24 compared to Rs 129.65 crore in FY23. The company also saw a significant reduction in net loss by 66%, amounting to Rs 101 crore, down from Rs 296 crore in the previous fiscal year.

The surge in revenue was attributed to the success of existing verticals in government job exams and UPSC, along with the introduction of the K13 vertical, which contributed approximately 15% to the total revenue.

Expenses were effectively managed, with total expenses reduced to Rs 344 crore in FY24 from Rs 425 crore in FY23. Notably, a substantial portion of these expenses was allocated to employee benefits (Rs 125 crore) and other operational costs (Rs 170 crore).

Founder and CEO Anil Nagar highlighted the company’s expansion efforts, particularly in introducing 5-7 verticals within state categories over the past year. Emphasizing the growth potential in vernacular markets, Nagar underscored Adda247’s commitment to extending its reach to more states and languages in the coming year.

Adda247, founded by Nagar and Saurabh Bansal in 2016, offers comprehensive courses tailored for jobs in public sector banks, government departments, and railways. The platform provides a wide array of resources, including live online classes, on-demand video courses, mock tests, E-books, and books, catering to specific exam preparations.

Live classes emerged as the primary revenue driver, contributing approximately 70% of the total revenue. With Uttar Pradesh and Bihar accounting for 30-35% of revenue, Adda247 plans to enhance its offerings and reach profitability by the end of the year.

The company aims to further bolster its skilling and upskilling courses, targeting an increase in paid subscribers from 1 million to 1.7 million by the end of the year. Adda247 has already made strategic acquisitions, including StudyIQ in 2021 and Veeksha in 2023, to strengthen its position in the market.

Having raised $35 million in a funding round led by WestBridge Capital in 2022, with participation from Google and existing investors, Adda247 remains well-positioned for growth and aims to pursue a listing by 2027.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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