, a test preparation platform for government jobs, has acquired UPSC focused edtech platform, StudyIQ Education, for around $20 million (around Rs 150 crore) in a cash and stock deal.
A statement from Adda247 said this acquisition will strengthen its position in the UPSC segment, which it says has one of the highest ARPUs in test preparation segment.
StudyIQ has an organic subscriber base of more than 11 million, and gets close to 100 million views a month. It registered a gross revenue of Rs 33 crore for FY21, which was 3x growth over the previous financial year.
Commenting on the acquisition, Anil Nagar, Founder & CEO, Adda247 said in a statement,
“The acquisition of StudyIQ adds strategic value to Adda247’s offering in the UPSC and State PSC segment. 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.”
The statement also noted that StudyIQ YouTube channel is India’s largest educational YouTube channel in terms of monthly viewership, while it is second largest in terms of subscribers’ base after Wifistudy.
“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 the passion of two educators turned into a mission to provide quality education at an affordable price,” Gaurav Garg, Co-founder, StudyIQ said.
Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 is backed by investors like Westbridge & Infoedge. The platform provides live interactive courses catering to all educational needs of Tier II, tier III and smaller towns. The company has also recently entered the K12 segment targeting state board students in Tier II, Tier III and small towns.
Adda247 also provides courses in languages like Tamil, Telugu, Malayalam, Bengali and Odia. It claims to have 15 million monthly active users on its platform with more than 2 million paid users.
