New Delhi, Jan 17,2024: Google-backed edtech platform Adda247 has posted a four times surge in its losses to Rs 110 crore in FY23 as compared to Rs 28 crore in FY22.
Adda247’s revenue from operations increased to Rs 115 crore in FY23 from Rs 61 crore in FY22 which is more than 88.5 per cent growth, according to its financial statements filed with the Registrar of Companies (RoC).
However, the increase in employee benefits and advertising costs outpaced the revenue growth of the company, reports Entrackr.
The sale of online courses, e-books, and test series made 83 per cent of the operating revenue at Rs 96 crore in FY23. Adda247 registered overall expenditure at Rs 239 crore in FY23 from Rs 92 crore in FY22. The employee benefits formed 37 per cent of the total expenditure that reached Rs 88 crore in FY23 (including Rs 15 crore as ESOP cost).
Adda247 has raised over $55 million to date.
In October last year, Adda247 reportedly laid off around 250-300 employees across verticals. In October 2022, Adda247 raised $35 million in a round led by WestBridge Capital. The round saw Google as a new investor. The funding round also saw participation from the existing investors, including Info Edge and Asha Impact.
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 caters to the learning needs of millions of students from tier 2 and 3 cities. Adda247 is a test prep platform for public sector exams.