Adda247, India’s premier multilingual learning platform backed by Google, has announced its financial performance for the fiscal year 2024. The company has registered a revenue of approximately INR 243.39 crore, reflecting a remarkable year-on-year growth of 88% from INR 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 & JEE) that contributed around 15 per cent to the total revenue.
The company expects continued robust growth this year and is upbeat about the recently announced expansion into 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.
The company’s 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 per cent – the growth in the user base is predominantly organic with marketing costs being around 4 percent of the revenue.
Additionally, Speaking on these results, Anil Nagar, Founder and CEO of Adda247, said, “Adda247’s exceptional financial results and strategic advancements in FY 2024 are a testament to our unwavering commitment to innovation and user-centric approaches. We are excited about the growth showcased this financial year and are upbeat about similar or better achievements this year. Sustainable growth has always been our key focus, and we are especially enthusiastic about our recent expansion into the skilling and higher education sectors.”
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 Defence. The company’s revenue is primarily generated from its app-based offerings, encompassing paid video courses, live classes, and educational books. Over the past year, Adda247 has strategically focused on sustaining growth in government job test preparation and developing new verticals to cater to the evolving educational needs of its vast user base.
Adda247 is backed by investors like Westbridge, Google, Info Edge and their notable acquisitions include StudyIQ in 2021, a leading UPSC prep platform, and Veeksha in 2023, an interactive 3D & AR/VR learning modules platform.