Adda247 acquires civil service test prep platform StudyIQ for $20 million

Adda247, an Indian test preparation platform focused on government job examinations, acquired the civil service exam preparation provider StudyIQ in a deal reported on December 17, 2021. The transaction was valued at $20 million, or about 150 crore rupees.

According to Inc42, the consideration was paid in a combination of cash and stock. StudyIQ, founded in 2014 and based in Delhi, prepares candidates for the Union Public Service Commission and state public service commission examinations. It had built an audience of more than 11 million subscribers and over 100 million monthly views, and reported gross revenue of 33 crore rupees in the 2021 financial year. Adda247 said the purchase would strengthen its offering for these civil service examinations.

Adda247 was founded in 2016 and serves learners preparing for government job examinations, with a focus on second- and third-tier cities and smaller towns. At the time of the deal it reported more than 15 million monthly active users and 2 million paying users. The acquisition came shortly after the company closed a $20 million Series B funding round led by WestBridge Capital earlier the same month, as reported by DealStreetAsia. Inc42 reported that StudyIQ's revenue had grown threefold from the previous year.