Adda247 attributed this growth to the already existing verticals across government job exams, UPSC and the newly introduced K13 verticals
The company has also narrowed its net loss by 66% to INR 101 Cr, down from INR 296 Cr in FY23
The company has claimed to see its active user base reach 40 Mn, driven by targeted vernacular strategies
Edtech startup Adda247
saw 88% year-on-year growth in revenue to INR 243.39 Cr in the financial year 2023-24 (FY24) from INR 129.65 Cr in the previous fiscal year.
Adda247 attributed this growth to the already existing verticals across government job exams, UPSC and the newly introduced K13 verticals (CUET, NEET & JEE) that contributed around 15% to the total revenue.
The company has also narrowed its net loss by 66% to INR 101 Cr, down from INR 296 Cr in FY23, it said in a press statement.
The company has claimed to see its active user base reaching 40 Mn, driven by targeted vernacular strategies in key regions and languages, including the Hindi belt and Southern and Eastern states, as well as Marathi, Punjabi, and Gujarati. The paid subscribers in FY24 grew by more than 60%.
The growth in the user base is predominantly organic with marketing costs being around 4% of the revenue, the edtech startup said.
“Sustainable growth has always been our key focus, and we are especially enthusiastic about our recent expansion into the skilling and higher education sectors,” said Anil Nagar, founder and CEO of Adda247.
Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 offers online coaching for competitive exams. The edtech platform also offers video courses and mock tests for more than 500 competitive exams in 12 Indian languages.
Adda247 is backed by investors like Westbridge, Google, and Info Edge. The startup last raised funding in October 2022, when it secured $35 Mn from the likes of Google, WestBridge Capital, Info Edge and Asha Impact.
The company’s revenue is primarily generated from its app-based offerings, including paid video courses, live classes, and educational books. Over the past year, Adda247 has strategically focused on sustaining growth in government job test preparation and developing new verticals to cater to the evolving educational needs of its vast user base.
