Adda247, Backed by Google, Acquires PrepInsta, a Placement Platform

Nitin Konde, Apoorva Bajj

Oct 1, 2024 — 2 min read

Adda247, Backed by Google, Acquires PrepInsta, a Placement Platform

Leading edtech firm Adda247, supported by Google, has announced that it has acquired PrepInsta, a premier placement preparation site. Adda247 wants to increase its presence in employment education programs in the public and private sectors, and this acquisition will help it achieve that goal. The deal's financial details are still unknown.

After acquiring StudyIQ, a platform for UPSC preparation, in 2021; Veeksha, a platform for virtual and augmented reality learning modules, in 2023; and Ekagrata Eduserv, a company that prepares for the CA exam, earlier this year, Adda247 has now made its fourth significant acquisition.

Shifting Emphasis to the Private Sector for Employment and Training

Before announcing its recent foray into the skilling and higher education sectors, the company's primary concentration was on government positions.

According to Bimaljeet Singh Bhasin, CEO of Adda247's skilling and higher education business, the organisation's mission is to become an integrated player in both the public and private sectors of job preparation, helping individuals gain the essential skills while working with enterprises to cultivate talent.

The corporation has highlighted the banking, financial services, insurance, and technology industries as priority areas for its skill development programmes, Bhasin stressed. Since the technology industry employs a huge number of people, concentrating on it will be essential to the company's development as a significant player in job-related programmes. A crucial component of this larger endeavour is the acquisition of PrepInsta, he continued.

The Development and Products Offered by Adda247

Anil Nagar and Saurabh Bansal founded Adda247 in 2016, and since then, the company has gained a solid reputation for providing courses that prepare students for jobs in government agencies, state-run banks, and the railway sector. Live online classes, on-demand video courses, e-books, mock exams, and books tailored to particular exams are just a few of the learning methods offered by the platform. Courses are available in 12 regional languages, which enables Adda247 to encompass a broad audience.

With 2 million students registered in its premium courses, the site today serves over 40 million monthly users. The company's sales increased by 88% to INR 243.39 crore in the fiscal year 2023–24, while its net loss decreased by 66% to INR 101 crore.

Looking Ahead: Strategies and Funding

In a 2022 investment round headed by WestBridge Capital and involving Google, Info Edge Ventures, Asha Impact, and other investors, Adda247 raised $35 million. To date, the company has raised a total of $63 million, which has fuelled its development into new markets and continued growth.

Adda247, which provides a wide range of job-related education and skill-building programmes, is able to further solidify its position as a top edtech platform with this acquisition. PrepInsta's integration will help Adda247 in its endeavours to close the skill gap between government job preparation and private sector training, setting up the business to eventually service an even larger clientele.