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.
Byju’s is one the most talked about India startups in the country right now due to its growing financial crisis. Once valued at over $22 billion, Byju’s value has now fallen down to less than $3 billion. It is worth noting that Byju’s isn’t the only edtech startup that has seen a significant downfall in the last couple of years. There’s another startup that lost more than Rs 10000 crore in the last 3 years. Surprisingly, 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. Founded by two IIT graduates, the startup has now been sold for just Rs 83 crore, as per a report by Entrackr. The startup we are talking about is Doubtnut which has now been acquired by Allen Career Institute.
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. Currently, Doubtnut reaches around 32 million students every month. With acquisition, Allen will now offer its curriculum and academic offerings to Doubtnut’s users.
Doubtnut has big guns including Peak XV Partners, Omidyar Network India and Waterbridge Ventures as its investors. 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.”
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