StudyIQ is a prominent test preparation platform in India, founded by Gaurav Garg and Abhishek Jain. The story of StudyIQ begins with its founders meeting at a coaching institute in New Delhi. Here’s a look at the vision, early days, and the founding team’s background.
Gaurav Garg and Abhishek Jain met while working as faculty members at a renowned coaching institute, TIME, in New Delhi. They saw a huge opportunity in the education sector and decided to start their own venture. In 2014, they launched StudyIQ with the aim of providing quality test preparation content for government employment examinations[2].
The early days were challenging but promising. They started with a physical coaching center in Delhi, but soon realized that offline teaching had limitations in terms of scalability. This led them to shift their focus to online education, which proved to be a turning point for StudyIQ.
Their vision was clear: to make high-quality educational content accessible to a wide audience. They began by creating a YouTube channel, which quickly gained popularity due to their well-crafted content and engaging teaching style.
Gaurav Garg and Abhishek Jain come from diverse educational backgrounds. Garg, a dental surgeon, later shifted his career to mass communications, while Jain is an expert in quantitative mathematics. Their diverse skills and experiences have been instrumental in shaping StudyIQ’s content and strategy.
Jain’s expertise in mathematics has been particularly beneficial in creating comprehensive math courses, while Garg’s background in communications has helped in crafting engaging and informative content.
Both founders have a strong educational background and a passion for teaching, which has driven the success of StudyIQ from its inception.
StudyIQ has undergone significant evolution since its founding. From its initial concept to its current state, the platform has expanded its offerings and user base substantially. Here’s a look at the key milestones and product portfolio expansion.
StudyIQ started with a YouTube channel in 2014 and quickly gained a large following. Within two years, they had 20,000 subscribers and had established themselves in the test prep content space. In 2016, they launched a dedicated website to sell pre-recorded course lessons on USB drives, catering to various competitive exams[1].
In 2020, StudyIQ introduced its own app, marking a significant transition from physical to digital content. The app offers both free and paid lessons, with bilingual content in English and Hindi. This move has been instrumental in increasing their revenue and user engagement.
Today, StudyIQ is known for its live classes, one-on-one mentorship, and personalized study plans, further enhancing the learning experience for its users.
StudyIQ has achieved several key milestones. By 2021, their YouTube channel had over 11 million subscribers, which has now grown to over 14 million subscribers with 90 million views per month. The startup has also seen a significant increase in revenue, from INR 30 crore in FY22 to INR 66 crore in FY23[1]).
The acquisition by Adda247 in 2021 was another major milestone. This strategic move helped StudyIQ focus more on the UPSC segment and expand its reach and offerings. Adda247’s technological expertise and extensive reach in India have been beneficial for StudyIQ’s growth.
StudyIQ has also been profitable from its first year, remaining bootstrapped until the acquisition. Their high engagement level and organic user acquisition have driven their growth over the years.
StudyIQ offers a wide range of courses for government exams, including UPSC, railways, defence, SSC, banking exams, and more. Their content is primarily bilingual, catering to both English and Hindi-speaking students[2]).
The platform boasts over 25,000 videos across 100 subjects and 120-plus courses. They have also introduced live classes and one-on-one mentorship, providing personalized study plans to their users.
Their app includes EMI options for more expensive courses, making quality education more accessible to a broader audience.
StudyIQ’s technology infrastructure is crucial to its success. Here’s a look at the core platform architecture, security and compliance framework, and innovations in the industry.
StudyIQ’s platform is designed to be user-friendly and efficient. The app and website are built to handle a large volume of users, ensuring smooth navigation and access to content. The platform allows users to pull off panels and float them wherever they want on their display, enhancing the learning experience[1]).
The core architecture supports live classes, recorded lessons, and personalized study plans. It also integrates features like search functionality for content bins based on search terms.
The platform’s flexibility and adaptability have been key in its ability to scale and expand its offerings.
While specific details on StudyIQ’s security and compliance framework are not extensively documented, it is clear that the platform prioritizes user data security. Given the sensitive nature of educational data, StudyIQ likely adheres to strict data protection policies and complies with relevant regulations.
The transition to Adda247’s infrastructure has also likely enhanced their security measures, given Adda247’s technological expertise and extensive reach.
Ensuring the security and integrity of user data is crucial for maintaining trust and credibility in the education sector.
StudyIQ has been innovative in its approach to education. The use of graphics to explain and simplify complex concepts has been a hallmark of their content. Their decision to shift from pre-recorded classes to live classes and offer one-on-one mentorship has also set them apart in the test prep industry[1][2]).
Their app and website are designed to maximize reach and accelerate growth. The introduction of EMI options for courses has made quality education more accessible and affordable.
StudyIQ’s focus on execution and consistent efficiency has helped them build a well-oiled machine that delivers high-quality educational content effectively.
StudyIQ has made a significant impact in the Indian education technology (ed-tech) market, particularly in the test preparation segment. Founded in 2014 by Abhishek Jain and Gaurav Garg, the company has grown rapidly, catering to a vast audience preparing for competitive exams such as UPSC, SSC, and defence entrance exams[8][10].
StudyIQ has seen remarkable growth in its user base over the years. The company started with a small following on YouTube and quickly expanded. By 2021, it had more than 11 million subscribers and over 100 million views per month. After the acquisition by Adda247, StudyIQ's YouTube channel grew to 14 million+ subscribers and clocked 90 million+ views every month[10].
The user base growth can be attributed to the quality of content and the engaging way it is presented. StudyIQ offers pre-recorded videos in English and Hindi, which are highly appreciated by students. The platform also includes mock test exams and a dedicated section for current affairs, making it a comprehensive resource for exam aspirants[6].
Here are some key milestones in StudyIQ's user base growth:
StudyIQ has significantly expanded its market share in the test prep segment. The company initially focused on UPSC and State Public Service Commission (PSC) exams but later expanded to cover other competitive exams like railways, defence, SSC, banking exams, and more[8].
The acquisition by Adda247 further strengthened StudyIQ's position in the market. Adda247, which started as a government job test-prep platform, found StudyIQ's content compelling and saw an opportunity to enhance its UPSC arm. This strategic acquisition allowed both companies to scale their offerings and user base[10].
Here are some ways StudyIQ expanded its market share:
While StudyIQ's primary focus is on providing quality education, the company has also made efforts to ensure financial inclusion. The platform offers affordable courses, making quality education accessible to a wider audience. Here are some initiatives:
StudyIQ has experienced significant revenue growth since its inception. The company was profitable from day one, with no external funding. Here is a brief overview of its revenue growth:
From INR 1.9 crore in FY17, StudyIQ's revenue grew to INR 13 crore in FY20, a 7x growth in three fiscal years. In FY21, the company reported a gross revenue of INR 33 crore, representing a 3x growth over the previous year[8][10].
The acquisition by Adda247 further boosted StudyIQ's revenue. In FY22, the company's revenue increased to INR 66 crore from INR 30 crore in the previous year, a 2x increase. This growth is attributed to the introduction of live classes and other enhanced features on the app[10].
Here are some key revenue growth milestones:
StudyIQ's path to profitability was swift and sustainable. The company was profitable from its early days without any external funding. This was possible due to its well-crafted content and strong faculty. Here’s how they achieved it:
The founders, Abhishek Jain and Gaurav Garg, were faculty members at a renowned coaching institute before starting StudyIQ. Their expertise and the quality of content helped the platform attract a large user base quickly[10].
The company's decision to transition from physical course materials (USB drives) to an app also contributed to its profitability. By 2020, StudyIQ introduced its own app, which enhanced the learning experience and increased revenue significantly. Today, about 97% of its revenue comes from the mobile app[10].
Here are some factors that contributed to StudyIQ's profitability:
StudyIQ was acquired by Adda247 in a $20 million cash and stock deal in 2021. Here are some details about the investment and valuation:
The acquisition was strategic, aiming to strengthen Adda247's UPSC arm and scale in the test prep segment. The deal allowed StudyIQ to leverage Adda247's technology, reach, and capital[8][10].
Here are some key points about the investment and valuation:
While there is no specific information on StudyIQ's direct banking collaborations, the company's integration with Adda247 has likely facilitated various partnerships. Here’s what we know:
Adda247, which acquired StudyIQ, has been expanding its services to reach a broader audience. The partnership between the two companies has enhanced their collective offerings, but specific banking collaborations are not detailed[10].
StudyIQ does not have explicitly mentioned merchant partnerships, but its growth strategy involves expanding its reach through digital channels. Here’s how it might impact merchant partnerships:
The company's focus on providing content in more regional languages and reaching competitive exam aspirants in smaller towns could involve collaborations with local merchants or service providers. However, this is speculative based on the company's expansion plans[10].
StudyIQ's acquisition by Adda247 has been instrumental in its technology alliances. Here are some details:
The acquisition allowed StudyIQ to launch live classes on its app, a feature that was not possible before. This transition was supported by Adda247's technological architecture, which aligned with StudyIQ's vision[10].
Here are some key technology alliances:
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