Adda247, a multilingual learning platform, has announced its inaugural Employee Stock Ownership Plan (ESOP) buyback. The plan is said to benefit more than 130 employees.
The move comes as the company gears up for its anticipated IPO in 2027. The buyback price is set at an impressive 40 times the initial purchase price.
This ESOP buyback programme is rather significant in the company’s evolution. Furthermore, the initiative is a testament to Adda247’s commitment to empowering its employees and fostering a culture of shared success. This buyback demonstrates the company’s appreciation for the employees’ dedication and hard work, even while allowing them a chance at wealth creation.
Supported by Google, Westbridge, Info Edge and Asha Impact, Adda247 has made significant strides in the education sector. The platform recently acquired Ekagrata Eduserv, a prominent player in the Chartered Accountancy (CA) test-preparation market, marking its entry into the Rs 800 crore CA test-prep industry. Moreover, the company has expanded into the skilling, upskilling and higher education sectors, aiming to equip youth with job-ready skills and learning opportunities that lead to employment.
Adda247’s financial performance has shown remarkable improvement, with the company recording a revenue of Rs 243.39 crore in FY24, up from Rs 129.65 crore in the previous fiscal year. Additionally, the company significantly reduced its net loss by 66 per cent, bringing it down to Rs 101 crore from Rs 296 crore in FY23.
