Edtech firm Adda247 on Thursday said it has acquired UPSC-focused edtech platform StudyIQ Education for about $20 million (around Rs 150 crore) in a cash and stock deal.
StudyIQ education claims to have an organic subscriber base of over 11 million and gets close to 100 million views a month.
''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.
''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,'' the statement said.
StudyIQ's gross revenue for the financial year 2020-21 stood at Rs 33 crore with a growth of three times over the previous financial year.
Adda247 founder and CEO Anil Nagar said, ''The acquisition of StudyIQ adds strategic value to Adda247's offering in the UPSC and state PSC segment. 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.''
Adda247 has raised a Series-B funding of about $20 million, led by WestBridge Capital. The funding round also saw participation from existing investors, including Info Edge, Asha Impact and JM Financials.
The firm 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.
(With inputs from PTI)
