Google-backed edtech platform, Adda247 has recorded a jump of 88 per cent year-on-year (y-o-y) in revenue to ₹243.39 crore in FY24 from ₹129.65 crore in the previous fiscal year. The company reportedly also reduced its net loss by 66 per cent to ₹101 crore, down from ₹296 crore in FY23.
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 per cent to the total revenue. The company expects continued robust growth this year and is upbeat about the recently announced expansion into skilling, up-skilling, and higher education sectors with the appointment of Bimaljeet Singh Bhasin as CEO for the categories.
Anil Nagar, Founder and CEO of Adda247, said, “Adda247’s exceptional financial results and strategic advancements in FY 2024 are a testament to our unwavering commitment to innovation and user-centric approaches. Sustainable growth has always been our key focus, and we are especially enthusiastic about our recent expansion into the skilling and higher education sectors.”
The company’s active user base has reached 40 million and has two million students enrolled in its premium courses, driven by targeted vernacular strategies in key regions and languages. Paid subscribers in FY24 grew by over 60 per cent, with predominantly organic growth and marketing costs around 4 per cent of revenue.
The multilingual learning platform offers online preparation courses for over 500 examinations, including CUET, IIT JEE, NEET, UPSC, and various government job exams like Banking, SSC, Teaching, and Defence. The company’s revenue is primarily generated from its app-based offerings, encompassing paid video courses, live classes, and educational books. It is backed by investors like Westbridge, Google, and Info Edge and their acquisitions include StudyIQ in 2021 and Veeksha in 2023.
(Inputs by bl intern Vidushi Nautiyal)