Edtech firm Adda247 reports 88% rise in revenue, 66% decline in losses in FY24

Edtech platform Adda247 has reported significant financial achievements for the fiscal year 2024. The company saw its revenue surge by 88% year-on-year, reaching Rs 243.39 crore, up from Rs 129.65 crore in the previous fiscal year.

What's more, the company managed to reduce its net loss by 66%, to Rs 101 crore from Rs 296 crore in FY23. 

The company attributes this growth to its established verticals in government job exams, UPSC, and new K13 verticals (CUET, NEET, JEE), which contributed approximately 15% to the total revenue.

What led to the growth?

Adda247's financial performance is largely due to its diverse range of online preparation courses for over 500 examinations, including CUET, IIT JEE, NEET, UPSC, and various government job exams like banking, SSC, teaching, and defence. 

The company's revenue is primarily generated through its app-based offerings, which include paid video courses, live classes, and educational books.

Furthermore, the company’s expansion into skilling, up-skilling, and higher education sectors has also played a crucial role. The recent appointment of Bimaljeet Singh Bhasin as CEO for these new categories indicates a strategic move towards sustained growth.

Witnessed substantial growth in its user base

Adda247 has seen substantial growth in its user base, reaching 40 million active users. The increase is driven by targeted vernacular strategies in key regions and languages, such as the Hindi belt and southern and eastern states, including Marathi, Punjabi, and Gujarati.

The company's Paid subscribers grew by over 60% in FY24, with the majority of this growth being organic. Unlike others, Marketing expenses were kept low, accounting for just around 4% of revenue.

Strategic advancements

The company’s founder and CEO, Anil Nagar, highlighted the strategic advancements made in FY24, emphasizing the company's commitment to innovation and user-centric approaches.

"Sustainable growth has always been our key focus, and we are especially enthusiastic about our recent expansion into the skilling and higher education sectors,” Nagar said. This strategic focus on sustainable growth is expected to continue driving the company’s success in the coming years.

Backing from notable investors

Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 aims to make education affordable for over 500 million learners across Bharat, tier-3 & 4 cities, and rural India.

It is backed by notable investors, including tech giant Google, JM Financial, Asha Impact, WestBridge Capital, and Info Edge.