Doubtnut, as soon as provided a $150M deal by Byju’s, sells for $10M

Allen Profession Institute has acquired Doubtnut in a deal that values the younger edtech at $10 million, in accordance with an individual accustomed to the matter, a reversal of fortune for the as soon as promising edtech main app.

The 2 companies confirmed the deal on Monday, however declined to share monetary phrases of the acquisition. Seven-year-old Doubtnut, whose studying app helps college students resolve math and science issues by taking photographs of them, had raised greater than $52 million previous to the acquisition and counted Peak XV Companions and James Murdoch’s Lupa Systems amongst its backers.

Because the market turned, Doubtnut engaged with many buyers together with Prosus Ventures however no deal ever materialized over disagreements on valuation, in accordance with individuals accustomed to the matter. In mid-2020, Indian edtech large Byju’s additionally tried to accumulate Doubtnut, valuing the younger startup at as much as $150 million, TechCrunch reported on the time.

Doubtnut gained vital consideration in 2020 for its use of machine studying and picture recognition know-how to offer solutions in native languages to college students, demonstrating another method to serving college students in one of many largest schooling markets.

Allen — which helps put together college students trying to crack prestigious exams equivalent to IIT JEE Mains & Superior, NEET-UG, KVPY and the Olympiads — runs one of many largest teaching institutes in India. The agency competes with Aakash, which Indian edtech large Byju’s acquired final 12 months for practically $1 billion. Indian on-line platform Unacademy, final valued at $3.4 billion, explored buying Allen earlier, in accordance with individuals accustomed to the matter.

Bodhi Tree, one other funding fund by Murdoch and media veteran Uday Shankar, invested $600 million in Allen last year, valuing the schooling establishment at over $1 billion.

“Timely and effective resolution of doubts is a core consumer need in education. Doubtnut’s platform will allow us to greatly enhance the learning experience for our students. We are also excited by the prospects of offering ALLEN’s high quality academic products to a wider audience,” mentioned Nitin Kukreja, CEO of Allen, in a press release.