Schoolnet acquires Housing cofounder's
startup Genius Teacher in edtech consolidation
Extract :
Advitiya Sharma,
founder, Genius Teacher
Edtech firm Schoolnet, which provides digital classroom services to government schools, has acquired proptech platform Housing cofounder Advitiya Sharma's second startup Genius Teacher amid a broader consolidation in the sector.
Deal
details: Genius Teacher,
which has raised close to $3 million in funding, operates a quiz-based e-learning platform
focused on K-12 education. The acquisition was entirely through a stock
swap at an undisclosed valuation. Sharma will be the chief growth officer at
Schoolnet.
Market
presence: By integrating
Genius Teacher’s innovative
AI-driven applications for teachers and students, Schoolnet aims
to strengthen its foothold in the private school market. The acquisition is
part of Schoolnet’s strategy to expand its reach to over 10,000 private schools
by fiscal year 2026-27.
Financial
outlook: Schoolnet posted a revenue of Rs
429 crore for FY24, with earnings before interest, tax, depreciation and
amortisation (Ebitda) at Rs 69 crore. It expects revenue to grow to Rs 550
crore this year.
Adda247 acquires CA test preparation firm Ekagrata
Eduserv: Google-backed
edtech startup Adda247 has acquired Ekagrata Eduserv, a chartered accountancy (CA) test preparation
firm… . Allen Career institute buying Peak XV-backed Doubtnut and mid tier firm Happiest Minds acquiring Macmillan Learning India .
Besides Softbank backed Unacademy is in talks with K12 Techno
Services for a merger according to people in the know
“This acquisition is expected to significantly
expand Adda247’s user base, which currently has 40 million monthly users,” the
company said in a statement
Adda247
acquires CA test preparation firm Ekagrata Eduserv
Extract :
Google-backed edtech
startup Adda247 on Tuesday said
that it has acquired Ekagrata Eduserv, a chartered accountancy (CA) test
preparation firm.
The move marks Adda247's entry into the CA test preparation market.
“This acquisition is
expected to significantly expand Adda247’s user base, which currently has 40
million monthly users,” the company said in a statement, without disclosing the
financial details of the deal.
With this buyout, the startup has acquired three
companies, including StudyIQ, a UPSC preparation platform, in 2021, and Veeksha, an augmented
reality/virtual reality learning modules platform, in 2023.
“We’ve been planning to launch the CA category,
and in Ekagrata, we found the perfect
team to lead and grow this segment. Over the next several years, we aim to
invest substantially in this category and establish a leadership position in
the CA test preparation market,” said Adda247 CEO Anil Nagar.
Started by Nagar and
Saurabh Bansal in 2016, the platform offers courses for jobs in public sector
banks, government departments and the railways. Its offerings include live
online classes, on-demand video courses, mock tests, E-books and books tailored for
specific exams.
Adda247 provides courses in 12 regional languages and
plans to extend its reach to two-three more states and languages this year.
The founders and employees of Ekagrata Eduserv
will join Adda247. Anshul Agrawal, founder of Ekagrata Eduserv, will be
appointed director-CA at Adda247 to lead that category.
“Joining forces with Adda247 presents an
exciting opportunity to scale our impact in the CA test preparation space,”
said Agrawal.
As of May, Adda247 has about one million paid users,
and the company aims to reach 1.7 million paid users by the end of this year.
The Gurgaon-based company reported revenue of Rs 243.39 crore for
2023-24, up 88% from Rs 129.65 crore in the previous financial year. Its net loss reduced
66% to Rs 101 crore from Rs 296 crore during this period.
The company last raised $35 million in 2022 in a
funding round led by WestBridge Capital. The round also saw participation
from Google, along with existing
investors such as Info Edge Ventures and Asha Impact. In total, it has raised
$63 million.
Schoolnet
Genius
Teacher
Adda247
Ekagrata
Eduserv
Doubtnut
Happiest
Minds
Unacademy
Techno
Services
StudyIQ
Veeksha
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