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Google invests Rs.39-Cr in Edtech platform's Adda247 Series B round

Startup Story Media  

Adda247 has attracted INR 38.86 crore from Google as a new investor to close the Gurugram-based test prep firm's USD 35 million Series B round led by WestBridge Capital with participation from Info Edge, Asha Impact (via Asha Edu Tech) and JM Financial. WestBridge contributed INR 150 crore, followed by Info Edge which contributed INR 75 crore to the round. JM Financial invested INR 4.7 crore, and Asha Edu Tech, INR 10.81 crore. Anil Nagar and Saurabh Bansal founded Adda247, focused on Tier II and III cities, helps with preparation for tests for the railways, banking, SSC, and public sector employment. The organisation plans to cover the K–12, JEE, NEET, and GATE markets. The company claims that it has 20 million active users per month and 30 million subscribers to YouTube. Post Series B round, Anil Nagar, Saurabh Bansal, and Sushil Kumar, the company's three founders, collectively own 29.78% of the shares. WestBridge Capital has a 28.36% interest, followed by Info Edge with a 23.01% stake. Google, JM Financial and Investment, and Asha Edu Tech hold 4.2%, 2.77%, and 1.34%, respectively.

In Nov-21, Adda247 had announced raising USD 20 million (about INR 150 crore) in its ongoing Series B round led by WestBridge Capital, with participation from existing investors Info Edge, Asha Impact and JM Financial.