Adda247 has purchased Union Public Service Commission (UPSC) exam-focused startup StudyIQ for $20 million in a cash and stock deal. StudyIQ is an ed-tech platform that helps students prepare for UPSC and State PSC exams. It has a user base of more than 11 million students and over 100 million views in a month.

StudyIQ had reported its gross revenue for FY21 at Rs 33 Crores, which is a 3x growth from the previous year, the startup said. “StudyIQ has been revolutionising the sector with an excellent success rate in these high stake exams. The students have consistently come among the top 10 rankers in most State PSC exams. We will get a huge benefit of their potential in the segment and the brand they have created in the years.” Anil Nagar, Founder and CEO of Adda247, said.

Adda247 began as a government job test-prep platform. Now, it helps students with live courses to people in tier 2, 3 and smaller towns. It has more than 15 million monthly active users, and 2 million paid users on its platform. “We wanted to have a pan India impact which was difficult to achieve in the offline environment. We desired to be a part of India’s digital education revolution. We turned our passion into a mission to give quality education at a reasonable price.” Gaurav Garg, co-founder of Study IQ said.