Adda247 announces its first-ever ESOP buyback for over 130 employees

Edtech startup Adda247 has announced its first-ever Employee Stock Ownership Plan (ESOP) buyback, which will benefit over 130 employees across various roles and functions.

The initiative is a significant step for the company as it prepares to go public in 2026.

Details of the buyback program

Anil Nagar, Founder and CEO of Adda247, said, “This ESOP buyback represents a pivotal moment in Adda247’s evolution. Our employees are the strength of Adda247, and this initiative demonstrates our appreciation for their dedication and hard work and the wealth they can create.”

He further emphasized that this program supports diverse goals of employees, from fulfilling personal dreams to financial aspirations.

What does Adda247 do?

Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 aims to make education affordable and accessible, especially for learners in tier-3 and tier-4 cities and rural India.

The company offers courses in 12 Indian languages and uses innovative technology suited for low bandwidth areas.

With offerings that include live online classes, on-demand video courses, mock tests, e-books, and physical books, Adda247 caters to specific exam preparations.

Recent acquisitions and expansions

Recently, Adda247 acquired Ekagrata Eduserv, a chartered accountancy (CA) test preparation platform, further expanding its footprint in the education sector.

The acquisition is part of Adda247’s broader strategy to enhance its offerings in skilling, up-skilling, and higher education sectors. The company claims to serve over 40 million monthly users and has 2 million students enrolled in its premium courses.

Adda247's financial performance

Adda247 has shown impressive financial growth, recording a revenue of Rs 243.39 crore in FY24, an 88% year-on-year increase from Rs 129.65 crore in FY23.

The company has also significantly reduced its net loss by 66% to Rs 101 crore, down from Rs 296 crore in FY23. It aims to increase its number of paid users from 1 million to 1.7 million by the end of this year.