India’s largest and leading online learning platform for Central/State government jobs, Adda247 has acquired UPSC focused-edtech platform StudyIQ Education for approx $20 million (around Rs 150 crore) in a cash and stock deal.
StudyIQ education is India’s largest edtech platform targeted around UPSC and State PSC segment. As of now, the platform has an organic subscriber base of more than 11 million and gets close to 100 million views a month. Its gross revenue for Financial Year 2020-2021 was INR 33 crore with a growth of 3x over previous Financial Year. StudyIQ youtube channel is India’s largest educational youtube channel in terms of Monthly viewership, while it is second largest in terms of subscribers’ base after Wifistudy. By acquiring it, Adda247’s will be able to strengthen its position in the UPSC segment, which has one of the highest ARPUs in test prep segment.
Commenting on the acquisition, Anil Nagar, Founder & CEO, Adda247 said, “The acquisition of StudyIQ adds strategic value to Adda247’s offering in the UPSC and State PSC segment. StudyIQ has been revolutionizing 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.”
“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 the passion of two educators turned into a mission to provide quality education at an affordable price.” Gaurav Garg, Co-founder, Study IQ said.
Commenting on the transaction, Abhishek Jain, Co-founder, Study IQ said, “When we met Adda247 co-founders, Mr Anil Nagar and Mr Saurabh Bansal, we felt immediately aligned to their vision, which was providing quality education at an affordable price, to the student at the last mile. Both the companies are also culturally similar and have shared values.”
Adda247 is on a mission to take quality education to the masses and create a level playing field in terms of access to the highest quality content, vernacular content, personalised learning and affordable pricing. It targets learners outside the metros and provides courses in vernacular languages like Tamil, Telugu, Malayalam, Bengali and Odia. The company has recently entered the K12 segment targeting state board students in Tier II and Tier III audiences.