Adda247, a multilingual learning platform backed by Google, has announced its financial performance for the fiscal year 2024. The company has registered a revenue of Rs 243.39 crore, reflecting a year-on-year growth of 88 percent from Rs 129.65 crore in the previous fiscal year.
Adda247 attributed this growth to the already existing verticals across government job exams, UPSC, and the newly introduced K13 verticals (CUET, NEET, and JEE), which contributed around 15 per cent to the total revenue.
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The company expects continued robust growth this year and is upbeat about the recently announced expansion into the skilling, up-skilling, and higher education sectors with the appointment of Bimaljeet Singh Bhasin as CEO for the category. Adda247 also achieved a 66 per cent reduction in net loss and will continue on this path of sustained growth this year.
As per a company statement, the active user base reached an impressive 40 million, driven by targeted vernacular strategies in key regions and languages, including the Hindi belt and southern and eastern states, as well as Marathi, Punjabi, and Gujarati. The paid subscribers in FY24 grew by more than 60 percent; the growth in the user base is predominantly organic, with marketing costs being around 4 percent of the revenue.
Adda247 offers a diverse range of online preparation courses for over 500 examinations, including CUET, IIT JEE, NEET, UPSC, and various government job exams such as banking, SSC, teaching, and defense. The company’s revenue is primarily generated from its app-based offerings, which encompass paid video courses, live classes, and educational books.
Adda247 is backed by investors like Westbridge, Google, and Info Edge, and their notable acquisitions include StudyIQ in 2021, a leading UPSC prep platform, and Veeksha in 2023, an interactive 3D and AR/VR learning module platform.
