The round also saw participation from existing investors Omidyar Network India, AET, Japan and Ankit Nagori (Co-founder Cure.Fit, Ex-CBO Flipkart) and Sequoia Capital India, the company said in a statement.
Prior to this, the company raised $3.3 million in its pre-Series A round in April last year in a round led by Surge, the startup accelerator and incubator platform of Sequoia Capital, Waterbridge Ventures, Omidyar Network India, and AET, Japan, the statement added.
Doubtnut said it will use the funds to widen its pan-India distribution, build on its content repository to cater to a fast expanding target group, invest in strengthening its technology stack, and scaling its team.
“Tencent will add immense value to our journey. Their experience of working with Yuanfudao in China will help our team get fresh and valuable perspective on distribution first edtech models,” said Aditya Shankar, Co-Founder, Doubtnut.
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.
The company claims to have over 13 million monthly active users across several platforms (web, app, Youtube and Whatsapp). The platform has witnessed 30x growth in its daily active users since March 2019.
Tencent, which counts some of India’s largest startups including Flipkart, Ola, Swiggy and Byju’s among its portfolio firms, is reportedly looking to increase its bets on Indian tech startups as venture capital investments have slowed back home.
Early last year, Tencent marked its foray into the country’s fintech sector with its investment in neobanking platform NiYo. In October last year, it led a $110.8-million new funding round in MX Player, a popular video app in India. A month later, Tencent acquired a stake in India’s PolicyBazaar in a secondary transaction from Tiger Global Management.