Info Edge announced an investment of around Rs 80 crore in Metis Eduventures, which manages the Adda 247 test preparation platform. With this infusion, the company’s stake in the edtech start-up stands at 23.01 per cent on a fully converted and diluted basis.
In October 2019, Info Edge invested Rs 7.06 crore in acquiring a 7.06 per cent stake in the company. A month later, it infused an additional Rs 21 crore as part of a Series B round taking its stake up to 17 per cent and later pumped in Rs 41.2 crore into the edtech start-up.
Adda247 delivers educational services to students in tier 2 and 3 cities preparing for online courses for government exams, including banking, railways, defense, teaching, JEE/NEET entrance tests, engineering exams, and school curriculums from grades I-XII. It offers these courses through its online platform, mobile application, and offline classroom-based methodology.
Founded in 2010 by Anil Nagar and Saurabh Bansal, the start-up’s turnover stood at Rs 64 crore in FY 2021-22. Claiming to have over 15 million monthly active users and more than 9 million subscribers on YouTube, it is backed by other investors, including Westbridge Capital and JM Financial.
Last December, Adda247 acquired UPSC-focused ed-tech platform StudyIQ Education for Rs 150 crore in a cash and stock deal. During the time of this acquisition, the company claimed that StudyIQ Education, which had over 11 million subscribers on Youtube with close to 100 million views a month, will give Adda247 an edge in the UPSC segment.
The Sanjeev Bikhchandani-backed Info Edge runs several online platforms, including Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. It has also invested in other digital-first brands like Zomato, Policybazaar and Happily Unmarried.
Info Edge has been investing in a slew of companies over the past few months. Earlier this month, it invested Rs 100 crore in Allcheckdeals India (ACD), which offers brokerage services in India’s real estate sector. Its subsidiary, Startup Investments, invested Rs 7.5 crore in men’s grooming company Ustraa in September, while in August, Info Edge invested about Rs 7.5 crore in Happily Unmarried.