SUMMARY
With the deal, Veeksha will merge into Adda247 and allow the latter to offer interactive learning modules to the students
Veeksha produces interactive 3D simulations and AR/VR learning modules for mathematics and science
Adda247 reported a loss of INR 157.8 Cr in FY22, 10X higher than a loss of INR 15.18 Cr in FY21
Edtech platform adda247
on Monday (June 19) said it has acquired Veeksha for an undisclosed amount. With the acquisition, Adda247 will offer interactive learning modules to the students.
Veeksha will merge into Adda247 and complete vision synergies as part of the deal, the edtech platform said in a statement.
Founded in 2021 by Gaurishankar Singh, Hariprasad Bommidi and Miral Songhela, Veeksha is a 3D experiential learning-based product. The platform produces interactive 3D simulations and AR/VR learning modules for mathematics and science.
Veeksha’s immersive and experiential learning modules are cross-platform and can be used by teachers and students. It aims to create a system where students can learn from virtual labs and experiential, gamified learning.
Adda247 said that the acquisition would strengthen its position to cater to K12 and JEE/NEET aspirants by providing 3D/AR/VR-enabled learning tools. Citing early data, the edtech startup claimed it witnessed a 30% increase in engagement for students learning via the new content type.
Anil Nagar, founder and CEO of Adda247, said, “With Veeksha, we plan to simplify complex concepts into simple 3D visualisations, virtual experiments and explanatory videos and ultimately lead students to perform better.”
Speaking on the deal, Gaurishankar Singh, cofounder of Veeksha, said, “Adda247’s large user base, along with our ability to create 3D visualised content can pave the way for exciting advancements in education with AR/VR.”
Add247 claims to have 50 Mn monthly active users and 2 Mn+ paid users. 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. Adda247 competes with the likes of BYJU’s, PhysicsWallah and Unacademy.
The edtech startup saw its net loss rise over 10X to INR 157.8 Cr in the financial year 2021-22 (FY22) from INR 15.18 Cr in the year-ago period. Its revenue from operations also grew to INR 61.5 Cr in FY22, up 1.6X from INR 36.5 Cr in FY21.
The acquisition comes at a time when the ongoing funding winter and the slowdown in business following the reopening of schools and educational institutions after the pandemic has hit the edtech startups hard. As per Inc42’s layoff tracker, Indian edtech startups have fired 9,871 employees since the start of 2022.
Recent developments in the segment include FrontRow looking for acquisition after firing nearly 90% of its workforce over two layoffs. Meanwhile, on Sunday, PhysicsWallah announced the acquisition of a 50% stake in Kerala-based Xylem Learning, in a bid to expand throughout South India.
