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Multilingual edtech platform firm Adda247 today said it has acquired UPSC-focused edtech platform StudyIQ Education for $20 million (around 150 crore) in a cash and stock deal.

StudyIQ Education has over 11 million subscribers, and the platform receives close to 100 million views a month, the company claims.

A statement said the current acquisition will give Adda247 an edge in the UPSC segment. "StudyIQ YouTube channel is India's largest educational Youtube channel in terms of monthly viewership, while it is the second largest in terms of subscribers' base after Wifistudy. By acquiring it, Adda247's will be able to strengthen its position in the UPSC segment, which has one of the highest ARPUs (average revenue per user) in the test preparation segment," the statement said.

StudyIQ's gross revenue for 2020-21 stood at 33 crore, growing at over three times as compared to the previous financial year.

Speaking on the acquisition, Adda247 founder and CEO Anil Nagar said it’s a strategic acquisition for Adda247. “StudyIQ students will invariably figure among top-10 rankers in most of the state PSC exams. We will get a huge leverage of their strength in the segment and the brand they have created over the years," he said.

In November, Adda247 had secured $20 million as part of a Series B funding round led by private equity firm WestBridge Capital. Operated by Metis Eduventures Pvt Ltd, Adda247 had said it'll use the money to strengthen its technology platform and product, besides funding senior-level hiring. 

Founded by Anil Nagar and Saurabh Bansal in 2010, Adda247 had acquired YouTube channel Success Ease for an undisclosed amount in 2019.

With PTI inputs

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