Adda247 acquires UPSC prep platform StudyIQ Education for Rs 150 crore

Edtech firm Adda247 on Thursday said it has acquired UPSC-focused edtech platform StudyIQ Education for around USD 20 million (about 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 every month.

“StudyQ YouTube channel is India’s largest educational YouTube channel in terms of monthly viewership, while it is the second largest in terms of subscriber base after WiFistD. “Adda247 will be able to strengthen its position in the UPSC segment, which has the highest ARPU (Average Revenue Per User) in the Test Preparation segment,” the statement said.

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StudyIQ’s gross revenue for the financial year 2020-21 stood at Rs 33 crore, an increase of three times over the previous financial year. Anil Nagar, Founder and CEO, Adda247 said, “The acquisition of StudyDIQ adds strategic value to Adda247’s offering in the UPSC and state PSC segments. StudyIQ students will always be in top-10 ranks in most of the state PSC exams. We will get a huge advantage of their strength in this segment and the brand they have built over the years. Adda247 has raised Series-B funding of around USD 20 million led by Westbridge Capital. The funding round also saw participation from existing ones. Investors including Info Edge, Asha Impact and JM Financials.