Doubtnut, a digital learning platform, announced the raising of USD 31 million in its Series B funding round late in Feb 2021. The round which witnessed participation from existing investors was led by Lupa Systems and SIG Investments.
Investors: A few months before the latest round, Indian Edtech giant Byju’s had made an acquisition offer to Doubtnut which was rejected. The latest round brings the cumulative funds raised by Doubtnut to date to around USD 50 million.
The round, as mentioned earlier, witnessed major participation from Lupa Systems. Founded in 2019 by James Murdoch, it is a private investment firm with its presence in New York and Mumbai.
It made its first investment in India back in 2020 when it backed another Edtech startup Harappa.
SIG, on the other hand, is a multinational trading and technology firm. Founded in 1987 with headquarters in Bala Cynwyd (Pennsylvania), it is well known for its trading in derivatives, particularly in equity options.
The round also saw participation from existing investors including Sequoia Capital India, Omidyar Network India and Waterbridge Ventures.
The new round of investment would be utilized to include/support more languages into Doubtnut’s learning platform as well as to diversify the range of subjects it covers.
About Doubtnut: Doubtnut was founded in 2016 by Tanushree Nagori and Aditya Shankar, both of whom are IIT-D graduates and highly experienced educational professionals. It provides online courses for students of various standards with the assistance of highly qualified teaching professionals. One of the essential features of Doubtnut is that its machine learning and image recognition technology enables students to take pictures of their doubts and obtain immediate solutions.
Currently, Doubtnut provides courses from grade 6 to 12 specifically in maths and science. It also provides free lectures, materials and solutions for JEE Mains and JEE Advanced.
What the CEO has to say:
“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,” —
Tanushree N, co-founder and CEO of Doubtnut.
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