According to a report in TechCrunch, the acquisition is expected to value the Gurugram-based edtech platform Doubtnut anywhere between $125 million and $150 million. The talks are at an initial stage and contours of the deal are still being worked out.
Founded in October 2017 by Tanushree Nagori and Shankar, Doubtnut caters to K-12, IIT JEE and NEET students. It offers a multi-lingual online learning platform that uses artificial intelligence and machine learning technologies for image recognition, natural language processing and to provide video-based solutions in response to students’ queries. Students can simply upload a photo of their problem and the Doubtnut app serves up a video of the solution within 10 seconds.
As of January 2020, the startup had over 13 million monthly active users across several platforms (web, app, Youtube and Whatsapp). More than 85% of its users at the time came from outside of the top 10 cities in India, the startup said in a statement then.
Doubtnut had raised $15 million in Series A funding led by Tencent Holdings in January. The round had also seen the participation of existing investors Omidyar Network India, AET, Japan and Ankit Nagori (Co-founder Cure.Fit, Ex-CBO Flipkart) and Sequoia Capital India. Both share Tencent as a common investor.
Meanwhile, Byju’s boasts of over 57 million registered students, more than 3.5 million paid subscribers. It recently added Mary Meeker’s technology investment firm Bond to its investors’ list, reportedly at a valuation of about $10.5 billion. The company has so far raised $1.4 billion in external funding, per data available with Crunchbase.