Doubnut, focused on the K-12 segment, has raised Rs 224 crore (around $30 million) in a Series B round, a little over a year after it getting Series A capital.
The round in Gurugram-based Doubtnut has been led by United States-based SIG and Lupa Systems, an investment firm set up by James Murdoch.
Others in this round include existing investors Sequoia Capital India, Omidyar Network India, and Waterbridge Ventures, the startup said. The company said it raised funding from venture debt provider InnoVen Capital in October last year.
Avendus Capital acted as the exclusive financial adviser to the edtech firm on the latest transaction.
In January last year, Doubtnut said it had raised $15 million as part of its Series A round, with Chinese conglomerate Tencent leading the exercise. Sequoia and Omidyar Network India also participated.
This Series B infusion comes around four months after reports suggested that edtech giant Byju’s talks to acquire a majority stake in Doubtnut fell through.
Doubtnut, operated by Class 21A Technologies Pvt Ltd, was set up in 2017 by Tanushree Nagori and Aditya Shankar. Ravi Sekhar joined the startup as a co-founder in March last year.
The company says its multilingual doubt-clearance platform uses artificial intelligence to provide video-based solutions. Doubtnut claims that it has more than 2.5 million daily active users who spend more than 600 million minutes per month on its platform.
“Doubtnut has been built with a vision to improve learning outcomes for all students, especially those outside major Indian cities. We specialise in developing content in vernacular languages and use technology to create affordable solutions for people in this large target segment,” Nagori said.
