Private Equity Fund Investments
Test prep platform Adda247 looks to raise $10-M
Gurugram-based Adda247, a test prep platform, is in talks to raise funding from existing and new investors after talks for its acquisition by Unacademy didn't work out. Existing investors including Info Edge are in talks to lead a USD 10 million round in Adda247. Differences over valuation was a major reason for the fall-out of the talks. Adda247 reported to be seeking over USD 40 million in the buyout. However, Unacademy looked at a lower sum. Adda247 provides an online test preparation platform that offers videos, live lectures, e-books for UPSC, IIT, SSC, banking, insurance, teaching, railways, defence and state-level competitive entrance exams. It had recorded a revenue of INR 47 crore in FY20 with a loss of close to INR 8 crore.
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