Doubtnut Raises INR 224 Cr In Series B Funding Round Co-led By SIG And Lupa Systems
Free Book Preview Money-Smart Solopreneur
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Gurugram-based K12 edtech platform for ‘vernacular first’ students Doubtnut announced on Thursday to have raised an investment of INR 224 crore from SIG and Lupa Systems. Existing investors Sequoia Capital India, Omidyar Network India, and Waterbridge Ventures also participated in the round.
Avendus Capital acted as the exclusive financial advisor to the company on this transaction.
The funds raised will be used to expand the product into more languages and curriculum subjects and to launch new paid courses.
The multilingual doubt-solving platform uses artificial intelligence and machine learning (AI/ML) for image recognition, natural language processing, and proprietary algorithms to provide video-based solutions. More than 2.5 million daily active users are spending 600 million minutes per month on the platform, the company said.
“Doubtnut has been built with a vision to improve learning outcomes for all students, especially those outside the major Indian cities. We specialize in developing content in vernacular languages and use technology to create affordable solutions for people in this large target segment,” shared Tanushree Nagori, co-founder and chief executive officer, Doubtnut.
Founded in 2017, the app offers solutions to more than 65 million questions monthly in 9 languages for students of CBSE and 15 state boards. Its vast reach is reflected through 85 per cent of its current user base coming from outside the top 15 Indian cities and 60 per cent of the current user base from state boards where the typical medium of instruction is the local vernacular language.
“We are pleased to welcome onboard SIG and Lupa; SIG brings in the strong experience of investing in edtech companies globally and Lupa Systems brings the unparalleled experience of building world-class businesses and harnessing high-impact technologies,” Nagori added.
Doubtnut had raised capital from venture debt firm InnoVen Capital in October last year.