Adda247 Marks Fourth Acquisition With Placement Preparation Platform PrepInsta
by Pooja Yadav · Inc42SUMMARY
- Adda247 has now bought placement preparation platform PrepInsta, marking its foray as an integrated provider of job-focused education and skilling programmes across private and public sector jobs
- With this buyout, Adda247 has acquired four companies so far. The others being, StudyIQ, a UPSC preparation platform acquired in 2021; Veeksha, an AR/VR learning modules platform acquired in 2023; and Ekagrata Eduserv, a chartered accountancy (CA) test preparation firm acquired in July of this year
- 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
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Continuing its acquisition spree, Google-backed Adda247 has now bought placement preparation platform PrepInsta, marking its foray as an integrated provider of job-focused education and skilling programmes across private and public sector jobs.
However, the financial transactions of the deal were not disclosed.
“This collaboration opens up opportunities for us to launch job-focused skilling initiatives across B2C, helping professionals build tech and digital careers and enterprises, helping organisations build high-quality talent,” said Bimaljeet Singh Bhasin, CEO of skilling and higher education business at Adda247.
Founded in 2019, PrepInsta is a platform for engineering students, offering preparation for assessments and interviews in roles like data scientist, full stack developer, and software engineer. With a focus on emerging areas such as Gen AI, AI/ML, Cloud, and Data, PrepInsta claims to support job aspirants in the technology sector.
With this buyout, Adda247 has acquired four companies so far. The others being, StudyIQ, a UPSC preparation platform acquired in 2021; Veeksha, an AR/VR learning modules platform acquired in 2023; and Ekagrata Eduserv, a chartered accountancy (CA) test preparation firm acquired in July of this year.
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According to Bhasin, the company has identified key sectors for its skilling initiatives including banking, financial services, insurance, and technology.
“Tech is the largest employer purely in terms of numbers and given our aspiration to be a significant player in job-related programmes and offerings technology as a sector makes a lot of sense for us to focus on,” he added.
“Adda247’s user base also has many engineering students & freshers which will help us provide tech and digital skilling programs to Adda247’s more than 1.2mn paid users,” said Atulya Kaushik, cofounder, PrepInsta.
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. Adda247 offers courses in 12 regional languages.
It counts the likes of Westbridge, Google, Info Edge, and Asha Impact among its investors.
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.
Adda247 last secured $35 Mn in 2022 in a funding round led by WestBridge Capital, with participation from Google and existing investors such as Info Edge Ventures and Asha Impact. To date, the edtech startup has raised a total of $63 Mn.