Adda247 Invests $20 Million in Cash & Stock to Acquire UPSC Exam Focused Edtech Platform StudyIQ
Adda247, an Indian edtech company, has invested $20 million (INR 150 crore) in cash and stock to acquire Union Public Service Commission (UPSC) exam-focused edtech startup StudyIQ.
Abhishek Jain established StudyIQ in 2014, an edtech website focused at people studying for UPSC and State Public Service Commission (PSC) exams. Every month, it claims to have over 11 million organic subscribers and over 100 million views.
According to StudyIQ, the company's gross income for FY21 was INR 33 Cr, a threefold increase over the previous year.
Anil Nagar, Adda247's founder and CEO, stated, “StudyIQ has been revolutionising the segment with a phenomenal success rate in these high stake exams. StudyIQ students will invariably figure among top 10 rankers in most of the State PSC exams. We will get a huge leverage of their strength in the segment and the brand they have created over the years.”
Adda247 emerged as a government job test preparation platform in 2016, founded by Anil Nagar and Saurabh Bansal. It assists students with live classes aimed for audiences in Tier 2 and Tier 3 cities, as well as smaller cities and towns. On its platform, it claims to have over 15 million monthly active users (MAUs) and 2 million paying users.
According to Gaurav Garg, a cofounder of Study IQ, “we craved for a pan India impact, which was difficult to achieve in an offline setting. We wanted to be a part of India’s digital education revolution. What started out as a passion of two educators turned into a mission to provide quality education at an affordable price.”
Unacademy, a Bengaluru-based edtech firm that now offers UPSC, PSC, and other test-prep choices, saw its losses increase to 494 percent in the fiscal year ending in 2021, from INR 258.6 Cr the previous year to INR 1,537 Cr in FY21.
Indian edtech businesses have raised about $5 billion in finance, including BYJU's Term B Loan funds ($1.2 billion). Overall funds raised by edtech businesses between 2014 and 2021 were $8.1 billion, indicating a significant increase in investor interest in edtech startups. The pandemic has, without a doubt, been a boon to the industry since last year. For example, four of the five unicorns in the edtech field have joined the club in the years 2020-2021.
Abhishek Jain established StudyIQ in 2014, an edtech website focused at people studying for UPSC and State Public Service Commission (PSC) exams. Every month, it claims to have over 11 million organic subscribers and over 100 million views.
According to StudyIQ, the company's gross income for FY21 was INR 33 Cr, a threefold increase over the previous year.
Anil Nagar, Adda247's founder and CEO, stated, “StudyIQ has been revolutionising the segment with a phenomenal success rate in these high stake exams. StudyIQ students will invariably figure among top 10 rankers in most of the State PSC exams. We will get a huge leverage of their strength in the segment and the brand they have created over the years.”
Adda247 emerged as a government job test preparation platform in 2016, founded by Anil Nagar and Saurabh Bansal. It assists students with live classes aimed for audiences in Tier 2 and Tier 3 cities, as well as smaller cities and towns. On its platform, it claims to have over 15 million monthly active users (MAUs) and 2 million paying users.
According to Gaurav Garg, a cofounder of Study IQ, “we craved for a pan India impact, which was difficult to achieve in an offline setting. We wanted to be a part of India’s digital education revolution. What started out as a passion of two educators turned into a mission to provide quality education at an affordable price.”
Unacademy, a Bengaluru-based edtech firm that now offers UPSC, PSC, and other test-prep choices, saw its losses increase to 494 percent in the fiscal year ending in 2021, from INR 258.6 Cr the previous year to INR 1,537 Cr in FY21.
Indian edtech businesses have raised about $5 billion in finance, including BYJU's Term B Loan funds ($1.2 billion). Overall funds raised by edtech businesses between 2014 and 2021 were $8.1 billion, indicating a significant increase in investor interest in edtech startups. The pandemic has, without a doubt, been a boon to the industry since last year. For example, four of the five unicorns in the edtech field have joined the club in the years 2020-2021.
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