Google-backed edtech company Adda247 has acquired the CA test preparation platform Ekagrata Eduserv for an undisclosed sum.
Adda247, which previously acquired StudyIQ in January 2021 and Veeksha in July 2023, expects this acquisition to significantly boost its user base. The company currently boasts 40 million monthly active users (MAU) and aims to capture a large share of the growing CA test preparation market, according to a company press release.
As part of the acquisition, Anshul Agrawal, the founder of Ekagrata, will join Adda247 as the director of the CA vertical, leading the category. Ekagrata’s employees will also join the Adda247 team.
Market research estimates the CA test preparation market at Rs 800 crore (approximately $100 million).
This acquisition follows Adda247’s recent foray into skilling, upskilling, and higher education sectors. Co-founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 provides live online classes, on-demand video courses, mock tests, and e-books.
According to data, Adda247 has raised over $55 million from investors including Westbridge, Google, Info Edge, and Asha Impact. The company was valued at $175 million during its last funding round in October 2022.
Gurugram-based Adda247 saw its revenue from operations nearly double to Rs 115 crore in FY23, up from Rs 61 crore in FY22. However, the company’s losses also quadrupled to Rs 110 crore during the same period.
