At least 130 employees across various roles and functions will be participating in the buyback
The startup added that the buyback is averaging 40 times the initial purchase price
Founded in 2016 by Nagar and Saurabh Bansal, Adda247 is an edtech startup that offers preparation for government job entrance exams
Edtech startup Adda247
has rolled out its first employee stock ownership plan (ESOP) buyback programme.
At least 130 employees across various roles and functions will be participating in the buyback, the startup said in a statement.
Notably, Adda247 granted stock options worth INR 150 Cr to its employees under its ESOP pool in 2022 with an annual vesting period of four years.
The startup added that the buyback is averaging 40 times the initial purchase price.
“Our employees are the strength of Adda247, and this initiative demonstrates our appreciation for their dedication and hard work and the wealth they can create,” said Adda247’s founder Anil Nagar.
Founded in 2016 by Nagar and Saurabh Bansal, Adda247 is an edtech startup that offers preparation for government job entrance exams. It offers online coaching to students residing in Tier-2 cities and beyond. It claims to have over 40 Mn monthly users and has 2 Mn students enrolled in its premium courses.
It counts the ikes of Westbridge, Google, Info Edge, and Asha Impact among its investors.
The development adds to Adda247’s plans of diversifying its offerings with its acquisition of Ekagrata Eduserv to mark its foray into the CA test preparation segment earlier this month.
Before that, it bought the interactive learning edtech platform Veeksha for an undisclosed amount last year.
Contrary to this diversification move, Adda247 shed off around 250-300 workforce across multiple verticals last year owing to extending its runway amid funding winter.
On the financial front, Adda247 recorded 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. Additionally, it narrowed down its net loss by 66% to INR 101 Cr, down from INR 296 Cr in FY23.
