Tuesday, July 23, 2024

Adda247 Reports 88% Revenue Rise and 66% Reduction in Losses for FY24

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Edtech platform Adda247 has reported impressive financial results for the fiscal year 2024. The company’s revenue rise by 88% year-on-year, reaching Rs 243.39 crore, compared to Rs 129.65 crore in the previous fiscal year. Additionally, Adda247 managed to reduce its net loss by 66%, bringing it down to Rs 101 crore from Rs 296 crore in FY23.

Adda247 attributes its financial success to its well-established verticals in government job exams, UPSC, and new K13 verticals such as CUET, NEET, and JEE. These new verticals alone contributed around 15% to the total revenue.

The company offers a wide 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 defense. The revenue mainly comes from app-based offerings, which include paid video courses, live classes, and educational books.

Furthermore, Adda247’s expansion into skilling, up-skilling, and higher education sectors has also played a significant role in its growth. The appointment of Bimaljeet Singh Bhasin as CEO for these new categories signals a strategic move towards sustained growth.

User Base Growth

Adda247 has seen substantial growth in its user base, reaching 40 million active users. This 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.

Paid subscribers grew by over 60% in FY24, with most of this growth being organic. Unlike many competitors, Adda247 kept marketing expenses low, accounting for just around 4% of revenue.

Adda247 reports revenue rise and reduced losses.

Strategic Advancements

Anil Nagar, the founder and CEO of Adda247, 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.

Who is the founder of Adda247?

Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 aims to make education affordable for over 500 million learners across Bharat, including tier-3 and tier-4 cities and rural India. It is backed by notable investors, including tech giant Google, JM Financial, Asha Impact, WestBridge Capital, and Info Edge.

By focusing on diverse educational offerings and strategic growth, Adda247 continues to strengthen its position in the edtech sector, demonstrating significant revenue growth and reduced losses in FY24.

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