Adda24-Owned StudyIQ’s Cofounder Gaurav Garg Steps Down

SUMMARY

Since Adda247’s acquisition of StudyIQ in December 2021, Garg was serving as the managing director of the edtech platform he cofounded

Founded in 2015, StudyIQ primarily caters to students preparing for UPSC and State PSC exams. The startup was acquired by Adda247 in a $20 Mn cash and stock deal

StudyIQ saw its revenues more than double YoY to INR INR 76.7 Cr in FY24, while losses declined 24% YoY to INR 27.4 Cr during the fiscal under review

StudyIQ cofounder and managing director Gaurav Garg has stepped down from his role at the Adda247-owned edtech platform.

“Today was my last day at Study IQ. I founded Study IQ in January 2015 and it had gotten acquired by Metis Eduventures (Adda24x7) in December 2021. Since then I was helping the company in transition and had been serving as its Managing Director,” Garg said in a post on social media platform X.

There was no clarity on what Garg plans to do next and who will take over the helm of affairs at StudyIQ. However, in a cryptic post, he added, “What will I do next? Will keep every one posted”.

Founded in 2015 by Garg and Abhishek Jain, StudyIQ operates an edtech platform that primarily caters to students preparing for UPSC and State Public Service Commission (PSC) exams. The startup was acquired by Adda247 in a $20 Mn cash and stock deal in 2021.

StudyIQ’s YouTube channel counts more than 2 Cr subscribers, and its app has clocked more than 1 Cr downloads on the Play Store.

As per Tofler, the Adda247-owned edtech platform posted a revenue of INR 76.7 Cr in the fiscal year 2023-24 (FY24), more than doubled compared to INR 30.6 Cr in the year ago period. Meanwhile, losses declined 24% to INR 27.4 Cr during the fiscal under review compared to INR 44.9 Cr in FY23.

Garg’s departure comes at a time when the broader Indian edtech ecosystem is witnessing a churn. Once-high-flying BYJU’S is in the middle of lengthy insolvency and legal proceedings, while Unacademy is on the block for a sale.

Largely to blame for this have been the mounting losses, stagnation of revenue due to opening of schools and coaching centres post-Covid, a bevy of unfruitful acquisitions undertaken by these once-giants.

Despite the rationalisation, investors have begun looking at the sector with renewed confidence in the past year. Earlier this month, edtech startup Uolo bagged $7 Mn in its pre-Series B round led by edtech fund Five Sigma. In November, Codeyoung also raised $5 Mn in its Series A round led by 12 Flags Group and Enzia Ventures.

Edtech unicorn Vedantu also secured $11 Mn in a strategic funding round from undisclosed existing backers. Giving more heft to the sector, PhysicsWallah also made a stellar debut on the bourses in November this year, listing at a premium of 33% at INR 145 on the NSE.