Edtech startup Adda247 acquired UPSC exam-focused edtech startup StudyIQ for $20 million in a cash and stock deal. Founded by Abhishek Jain and Gaurav Garg in 2014, StudyIQ is a Delhi-based edtech platform targeted at people preparing for UPSC & PSC exams. It claims to have an organic subscriber base of more than 11 million users and over 100 million views a month.
StudyIQ reported its gross revenue for FY21 as INR 33 Cr, which represents a 3x growth over the previous year, it claimed. “StudyIQ has been revolutionising the segment with a phenomenal success rate in these high stake exams. 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.” said Anil Nagar, founder and CEO of Adda247.
Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 started as a government job test-prep platform. It helps students with live courses catering to audiences in tier 2, 3 and smaller towns. It claims to have more than 15 Mn monthly active users (MAUs) and 2 Mn paid users on its platform.
“We craved for a pan India impact, which was difficult to achieve in an offline setting. We wanted to be a part of India’s digital education revolution. What started out as a passion of two educators turned into a mission to provide quality education at an affordable price.” Gaurav Garg, the cofounder of Study IQ, said.