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Unacademy is on the prowl for acquisitions even as it closes a mega funding round.
The edtech startup is in advanced discussions to acquire Adda 24x7, an online platform that helps people prepare for exams for jobs in public sector banks, government departments, and the Indian Railways.
Unacademy may shell out $40 million for the deal, which will be a “largely cash plus some stock” buyout, said a source directly involved in the transaction.
Adda 24x7, founded in 2010, has till date raised about $10 million in venture funding from backers including Info Edge, Asha Impact and STL.
Queries sent to Anil Nager of Adda 24x7 did not elicit a response till the time of filing this article. Gaurav Munjal of Unacademy declined to comment when contacted.
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