For an undisclosed sum, Google-backed edtech startup Adda247 purchased the CA test preparation platform Ekagrata Eduserv.
StudyIQ in January 2021 and Veeksha in July 2023 were earlier acquisitions by Adda247.
Adda247 currently has 40 million monthly users (MAU), but this acquisition is expected to significantly increase that number. Adda247 stated in a press release that it will put them in a position to take a sizable chunk of the expanding CA test preparation market.
Anshul Agrawal, the creator of Ekagrata, will be named director of CA vertical at Adda247 as part of the acquisition, leading the category. The strategic acquisition will also result in the incorporation of Ekagrata’s staff into Adda247.
Based on market research, the approximate value of the CA test preparation market is Rs 800 crore, or approximately $100 million.
The acquisition takes place shortly after Adda247’s entry into the higher education, upskilling, and skilling markets. Adda247, a company that Anil Nagar and Saurabh Bansal co-founded in 2016, provides live online classes, on-demand video courses, mock exams, and e-books among its services.
According to the media, investors like Westbridge, Google, Info Edge, and Asha Impact have contributed more than $55 million to Adda247 to date. After its most recent fundraising effort in October 2022, the company was valued at $175 million.
The operations revenue of Adda247, a Gurugram-based company, increased by nearly two times to Rs 115 crore in FY23 from Rs 61 crore the previous year. The company’s losses grew by 4X to Rs 110 crore during that time.
