Edtech platform firm Adda247 has acquired UPSC-focused ed-tech platform StudyIQ Education for $20 million (150 crores) in a cash and stock deal. Speaking on the acquisition, Adda247 founder and CEO Anil Nagar said it’s a strategic acquisition for Adda247. StudyIQ Education has over 11 million subscribers on Youtube and the platform receives close to 100 million views a month, the company claims. The current acquisition will give Adda247 an edge in the UPSC segment.
Some key points about the acquisition:
- By acquiring it, Adda247’s will be able to strengthen its position in the UPSC segment, which has one of the highest ARPUs (average revenue per user) in the test preparation segment.
- In November, Adda247 had secured Rs 20 million as part of a Series B funding round led by private equity firm WestBridge Capital. Operated by Metis Eduventures Pvt Ltd, Adda247 had said it’ll use the money to strengthen its technology platform and product, besides funding senior-level hiring.
- Founded by Anil Nagar and Saurabh Bansal in 2010, Adda247 had acquired YouTube channel Success Ease for an undisclosed amount in 2019.
StudyIQ YouTube channel is India’s largest educational Youtube channel in terms of monthly viewership, while it is the second largest in terms of subscribers’ base after Wifistudy. StudyIQ’s gross revenue for 2020-21 stood at Rs 33 crores, growing at over three times as compared to the previous financial year.