Adda247, an EdTech firm, announced on December 16 that it has acquired StudyIQ Education, an online learning platform for UPSC preparations. Adda247 acquired the EdTech firm for about $20 million (around Rs 150 crore) in a cash and stock deal.
According to StudyIQ, it has an organic subscriber base of over 11 million and gets close to 100 million views a month for its various courses. "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 subscriber base. By acquiring it, Adda247 will be able to strengthen its position in the UPSC segment, which has one of the highest average revenue per user in the test preparation segment," the statement said.
StudyIQ's gross revenue for the financial year 2020-21 stood at Rs 33 crore with a trifold growth from the previous year. Adda247 Founder and CEO Anil Nagar said, "The acquisition of StudyIQ adds strategic value to Adda247's offering in the UPSC and State PSC segment. StudyIQ students will invariably figure among top 10 rankers in most of the State PSC exams. We will get a huge leverage of their strength in the segment and the brand they have created over the years."
Adda247 has raised a Series-B funding of about $20 million, led by WestBridge Capital. The funding round also saw participation from existing investors, including Info Edge, Asha Impact and JM Financials. The firm targets learners outside the metros and provides courses in vernacular languages like Tamil, Telugu, Malayalam, Bengali and Odia. The company has recently entered the K-12 segment targeting state board students in Tier II and Tier III audiences.
