ⓘ Image details: Doubtnut co-founders: from left, Tanushree Nagori and Aditya Shankar; Credits: Forbes India
The Gurugram, Haryana-based edtech startup today scooped $15 million in a Series A funding round led by China’s Tencent with participation from existing investors including Omidyar Network India, Japan’s AET Sequoia Capital India. Ankit Nagori, the founder of CureFit also participated in the round.
The company in a statement today stated that they are planning to deploy the fresh funds for expansion across India, scaling the team, and advancing its technology.
As per the Registrar of Companies (RoC) filing with the Ministry of Corporate Affairs (MCA), the company has allotted 2,506 Series A Compulsorily Convertible Preference Shares (CCPS) at the rate of INR 1.41 lack per share.
Statements enclosing the investment round
“Doubtnut is truly democratizing education across India with its student focused approach. Our user base reflects the entire demography of India, something which no other education app in the country has come close to achieving. 85% of our users are from outside the top 10 metro cities in India, strengthening our belief that we are really solving for Bharat. 60% of these users have come online in the last 12 months. This gives us an indication that despite a massive growth is our user base, there is still a significant target audience that is yet to be tapped.”
– Ankit Nagori, Co-founder, DoubtnutLiveMint
“Building on its core functionality of doubt resolution, the company has today built a large and engaged student community. Through its structured content offering across multiple subjects, Doubtnut is now becoming a one-stop solution for its students. With 85% of students from beyond Top 10 cities and a majority of those from the Next Half Billion population, Doubtnut is bridging key gaps in education,”
– Badri Pillapakkam, investment partner, Omidyar Network IndiaLiveMint
“We are excited to continue our association with Doubtnut as they are transforming access to learning and individual doubt resolution for students pan-India across vernacular languages,” said Yuki Kawamura, Partner at AET Fund.
– Yuki Kawamura, Partner at AET Fund.LiveMint
Founded in 2017 by IIT alumni Aditya Shankar and Tanushree Nagori, Doubtnut is a multilingual instant doubt clearing app for students. The startup offers a free avenue to over 13 million active monthly users across tier II and tier III cities in India. Users can upload the snapshots of their problems over the platform and get them solved. The platform primarily targets K12 segment seeking solutions for mathematics doubts for IIT JEE examinations. The startup claims to have cleared over 250 million doubts until now across subjects including mathematics, physics, chemistry and biology.
As reported by Entrackr, Doubtnut’s financial statement of FY19 shows revenue from operations amounting to INR 5.55 lakh with net losses of INR 15.55 lakh.
Doubtnut earlier raised $3.3 million in a Pre-Series A round in March 2019 led by Surge, Waterbridge ventures, Omidyar Network India and AET.
ⓘ Want to get your content featured on LAFFAZ? Submit your article.