Meet duo, lost over Rs 10000 crore in 3 years, got Rs 11000 crore offer from Byju’s, sold their company for just Rs…

Byju’s has been trending all over the social media platform for the past few weeks. The crisis-laden edtech company once had a valuation of Rs 182884 crore and that has now gone down to Rs 1657 crore. While all the attention is currently on Byju’s, it is worth noting that it is not the only edtech startup in the country that has recorded a significant downfall in the last couple of years. Another Indian startup in the edtech segment lost more than Rs 10000 crore in the last 3 years. In a surprising turn of events, the company we are talking about also got an acquisition offer from Byju’s for over Rs 11000 crore but the deal didn’t go through. The company has now been sold for just Rs 83 crore, as per a report by Entrackr. Founded by two IIT graduates, the company that we are talking about is Doubtnut which has now been acquired by Allen Career Institute.

Doubtnut has big guns including Peak XV Partners, Omidyar Network India and Waterbridge Ventures as its investors. Founded by Tanushree Nagori and Aditya Shankar in 2016, Doubtnut provides answers and explanations of mathematical and science questions by taking photos of them. The startup was lauded by experts due to its use of machine learning and image recognition technology.

Commenting on the acquisition, Allen CEO Nitin Kukreja said, “Timely and effective resolution of doubts is a core consumer need in education. Doubtnut’s platform will allow us to greatly enhance the learning experience for our students. We are also excited by the prospects of offering Allen’s high quality academic products to a wider audience.”

Currently, Doubtnut reaches around 32 million students every month. With acquisition, Allen will now offer its curriculum and academic offerings to Doubtnut’s users.