Gurgaon-based edtech platform Adda247 today announced it has acquired UPSC test preparation platform StudyIQ Education for $20 million or Rs 150 crore in a cash and stock deal.
Adda247 is an online government test preparation platform. The platforms allow students to prepare for various government exams like Railways, Banking, SSC, Defence, Teaching, etc.
With this, The Gurgaon-based company will be focusing on strengthening its position in the UPSC segment, which has one of the highest ARPUs (average revenue per user) in the test preparation segment, the statement said.
Founded in 2014 by Abhishek Jain and Dr. Gaurav Garg, StudyIQ Education claims to have an organic subscriber base of more than 11 million and gets close to 100 million views a month. The startup reported gross revenue of Rs 33 crore for the financial year 2020-2021, witnessed almost a 3x increase in revenue compared to the previous financial year.
Apart from this, StudyIQ’s youtube channel is India’s largest educational youtube channel in terms of Monthly viewership, while it is the second largest in terms of subscribers’ base after Wifistudy, the company said in a release.
“The acquisition of StudyIQ adds strategic value to Adda247’s offering in the UPSC and State PSC segment. StudyIQ has been revolutionizing the segment with a phenomenal success rate in these high stake exams,” Anil Nagar, founder & CEO, Adda247 said.
“StudyIQ students will invariably figure among top 10 rankers in most of the State PSC exams. We will get huge leverage of their strength in the segment and the brand they have created over the years,” Anil adds.
“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 said.
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