Doubtnut raises‚ 224 crore led by SIG and Lupa Systems
Gurugram-based K-12 edtech startup Doubtnut said it has raised Rs224 crore in a Series B funding round from SIG and Lupa Systems. Existing investors Sequoia Capital India, Omidyar Network India, and Waterbridge Ventures also participated in the round.
The round came after talks of a potential acquisition by edtech unicorn Byju's failed last year due to differences in valuation.
Four-year old Doubnut is a multi-lingual, doubt-solving platform that uses artificial intelligence and machine learning to provide video-based solutions. The company claims to have gotten good traction within its structured paid courses which include live tuition classes, video lectures, test series, and other learning materials for classes 6-12 and test preparations for IIT-JEE and NEET.
"Doubtnut has been built with a vision to improve learning outcomes for all students, especially those outside the major Indian cities. We specialise in developing content in vernacular languages and use technology to create affordable solutions for people in this large target segment," said Tanushree Nagori, co-founder and chief executive, Doubtnut.
More than 2.5 million daily active users spend 600 million minutes per month on Doubtnut platforms, the company claims.
Currently, the Doubtnut app offers solutions to more than 65 million questions monthly in nine languages for students of CBSE and 15 state boards.
Around 85% of its current user base comes from outside the top 15 Indian cities and 60% from state boards where the typical medium of instruction is local vernacular language.
Doubtnut had also raised capital from venture debt firm InnoVen Capital in October last year.
Recently, the education ministry along with All India Council for Technical Education (AICTE) roped in 48 edtech firms, forming a common platform to boost online education for students and executives, while offering tech solutions to institutions.
The 48 edtech firms including upGrad, Great Learning, Simplilearn and CodeMantra, will offer 79 categories of products and services.
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