Gurugram-based educational technology startup Doubtnut said on Thursday that it had raised Rs 224 cr in Series B funding led by SIG and Lupa Systems. Existing investors Sequoia Capital India, Omidyar Network India and Waterbridge Ventures also participated in the round. Avendus Capital acted as exclusive financial advisor to Doubtnut in connection with this transaction.
The company said it would use the capital to expand the product to more languages and subjects, and launch new paid courses.
Founded in 2016, Doubtnut offers an online learning platform for K12 students and those preparing for IIT-JEE and NEET. The company targets local freshmen. It also uses cutting-edge technologies like artificial intelligence and machine learning for image recognition and natural language processing. The company also offers video solutions.
The content catalog contains live lessons, video lectures, test sets, and other learning materials for students in grades 6-12, as well as test preparation for IIT-JEE and NEET. The startup claims to have more than 2.5 million daily active users who spend 600 million minutes per month on Doubtnut platforms.
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“Doubtnut was created with the vision of improving learning outcomes for all students, especially those outside the major cities in India. We specialize in developing local language content and use technology to create affordable solutions for people in this broad target segment, ”said Tanushree Nagori, Co-Founder and CEO of Doubtnut, adding:“ We are delighted to welcome GIS and Magnifying glass on board. . SIG has extensive experience investing in Ed-Tech companies around the world, and Lupa Systems has unrivaled experience in creating world-class businesses and leveraging high-impact technologies. “
Before the final funding, Doubtnut had raised capital from venture capital firm InnoVen Capital in October of last year. As part of its Series A funding, the educational technology startup raised $ 15 million from Tencent and existing investors Omidyar Network India, AET, Japan and Ankit Nagori, and Sequoia Capital India.
