Gurugram-based ed-tech startup Doubtnut on Thursday said it had raised ₹224 crore 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 the exclusive financial advisor to Doubtnut on this transaction.
The company said it would use the capital to expand the product into more languages and curriculum subjects and launch new paid courses.
Founded in 2016, Doubtnut offers an e-learning platform for K12 students and those preparing for the IIT-JEE and NEET. The company focuses on vernacular-first students. It also uses cutting-edge technologies such as artificial intelligence and machine learning for image recognition and natural language processing. The company also offers video-based solutions.
Its content catalogue includes live tuition classes, video lectures, test series and other learning materials for classes 6-12th and test preparations for IIT-JEE and NEET. The startup says it has more than 2.5 million daily active users who spend 600 million minutes per month on Doubtnut platforms.
“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,” said Tanushree Nagori, Co-Founder and CEO, Doubtnut, adding, “We are pleased to welcome onboard SIG and Lupa; SIG brings in strong experience of investing in ed-tech companies globally and Lupa Systems brings unparalleled experience of building world-class businesses and harnessing high-impact technologies.”
Before the latest funding, Doubtnut had raised capital from venture debt firm InnoVen Capital in October last year. In its Series A funding, the ed-tech startup had raised $15 million from Tencent and existing investors Omidyar Network India, AET, Japan and Ankit Nagori, and Sequoia Capital India.