Summary
- Chandan Singh Co-founder of Adda247 has resigned from the company after 5 years and is currently working on a new venture, which is in stealth mode.
- Adda247 grew significantly in the fiscal year 2024 with an increase in revenue to the tune of 88% to Rs 243.39 crore, while its net loss contracted 66% to Rs 101 crore.
- The startup acquired Ekagrata Eduserv in July this year and is looking at increasing its paid subscribers from one million to 1.7 million by the end of this year.
About two years after being promoted as Co-founder from Chief Product Officer, Chandan Singh has quit Adda247. In a LinkedIn post announcing his exit, Singh thanked the journey of five years at the edtech startup. According to Singh, he quit last month, and his LinkedIn bio has also hinted that he might be building a new venture in stealth mode.
Singh’s Role and Career at Adda247
An alumnus of IIM-A, Singh joined Adda247 in the year 2019 as Vice President of Products and thereafter went on to be promoted to Chief Product Officer in 2020. He was made Co-founder in November 2022. Before joining Adda247, he had also worked at Naukri, DTDC, and Coverfox.
Adda247 Growth and Expansion
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 offers online coaching, video courses, and mock tests for more than 500 competitive exams in 12 Indian languages. The startup has raised upwards of $61 million from investors such as WestBridge, Google, and Info Edge.
Revenue Growth and Loss Reduction
Adda247 recorded 88% YoY growth in revenue at Rs 243.39 crore in FY24 as against Rs 129.65 crore in FY23. Apart from this, the net loss of the company has been reduced by 66 per cent from Rs 296 crore in FY23 to Rs 101 crore in FY24.
Future Plans and Acquisitions
It entered the test preparation vertical for CA with the acquisition of Ekagrata Eduserv this July. Currently, the startup has around one million paid users and is eyeing up to 1.7 million by the end of this year.