Google-backed edtech startup Adda247 announced its first-ever employee stock ownership plan (ESOP) buyback, involving 130 employees across various roles and functions. The company revealed that the buyback price averages 40 times the initial purchase price. Adda247 is preparing for a public offering in 2027.
This ESOP buyback is considered a pivotal moment in Adda247’s growth. According to Anil Nagar, the founder and CEO, the initiative underscores the company’s appreciation for its employees’ dedication and the value they create.
Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 specializes in exam preparation for jobs in public sector banks, government departments, and railways. The platform offers live online classes, on-demand video courses, mock tests, e-books, and printed materials designed for specific exams.
In FY24, Adda247 reported a revenue of Rs 243.39 crore, reflecting an 88% increase from Rs 129.65 crore in FY23. The company also managed to cut its net loss by 66% to Rs 101 crore, down from Rs 296 crore the previous year.
Additionally, on July 9, it was reported that Adda247 acquired Ekagrata Eduserv, a chartered accountancy test preparation firm, marking its entry into the CA test preparation market. In recent news, Swiggy announced a $65 million ESOP buyback, and Urban Company revealed its fifth and largest ESOP secondary sale program worth Rs 203 crore (approximately $25 million). Other companies involved in similar buybacks include MyGate, Meesho, and Classplus.
