Adda247 is an edtech startup offering an educational platform to over 40 million users per year and maintains its position in first place among all education platforms across India. The startup reported plans for its first ESOP buyback exercise, benefiting over 130 employees who signed up for this startup function. The amount of stock buyback is still unknown. Here we are talking about Edtech startup Adda247 announced its plans for ESOP buyback for 130+ employee.
Anil Nagar and Saurabh Bansal founded the firm; this startup focuses on providing live online classes, e-books, mock tests, and on-demand video course services to students across different sectors. The platform claims to have over 2 million registered users in its premium courses. The application offers personalized mentors and counselors according to the student’s requirements. The interactive and real-time tutoring platform allows students to learn and clear doubts. The company has expanded its servers to higher education sectors, skilling and up-skilling its users. The startup recently acquired another edtech platform, Ekagrata Eduserv, that offers chartered accountancy test preparation materials and classes.
The Google-backed startup aims to go for its initial public offering in the next three years. This buyback price is expected to be 40 times the initial purchase price. The startup data intelligence platform, The Kredible, mentioned Blume ventures as the total employee stock ownership plan buyback crossed 802 million USD in 2023. This year, many startups announced their ESOP plans, including the food delivery startup Swiggy, which launched its ESOP liquidity program worth $65 million. Some other startups, including MyGate, Meesho, Paytm, Urban Company, The Sleep Company, Pocket FM, and Classplus, also completed their ESOP buyback exercise this year.
The startup claims to be the largest test preparation platform, with over 50 million users from tier I and tier III cities in India. The platform offers the best solutions to its users by using customized tests and advanced technologies. The company has secured $64.4 million in funding across its funding rounds. Tracxn mentioned that WestBridge Capital is the firm’s largest institutional investor for the startup data platform. The Adda247 reported its annual revenue to be around Rs 130 crore as of March
31, 2023. The platform can be accessed via an online website and a mobile application. The startup is backed by ten institutional investors, including Google, STL, and Westbridge Capital.
Conclusion
Adda247 is an edtech platform that reported its first ESOP buyback scheme. The platform provides personalized learning and counseling experiences. The startup claims to offer the best solutions to its users by leveraging new-age technologies. The company announced its ESOP buyback exercise, which aims to benefit over 130 employees who signed up for this program. The total amount of stock buyback is still unknown. WestBridge Capital is the largest stakeholder of Adda24. The firm aims to go public in the next three years. Many startups announced their ESOP plans this year, including Meesho, Urban Company, The Sleep Company, Paytm, Pocket FM, and Classplus.
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