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Allen prepares to take charge of educational technology
Famous Kota Three sources familiar with the development said that DoubtNut, a doubt-eliminating edtech startup, is being acquired by Allen Career Institute. For the training institute, this will be its first purchase in the Indian edtech market. One of the people, who wishes to remain anonymous, stated: “Allen is buying Doubtnut in a stock and cash deal, and it appears to be a distress sale as the Peak XV-backed company has failed to gain a significant following in terms of of financing after the Series B round.” Allen received a $600 million investment in May 2022 from Bodhi Tree Systems, a joint venture between James Murdoch, founder and CEO of Lupa Systems, and Uday Shankar, former president of The Walt Disney Company Asia Pacific.
It is important to note that Lupa Systems has already made investments in Harappa Education and Doubtnut, two Indian technology companies. The investment company also has shares in VerSe Innovation, the parent company of DailyHunt. Previously, internet giant Byju and Doubtnut held purchase talks and raised a total of approximately $50 million in fundraising. However, disagreements over valuation prevented the deal from being closed. According to sources, there would be a small amount of cash involved in the deal, but mainly stock.
According to another source, “the company has been looking for consolidation opportunities over the past few quarters due to its inability to find a business model and lack of monetization.” In April of this year, the company raised $2.5 million through convertible notes from its current backers, following its most recent capital round in February 2021. According to people close to Entrackr, DoubtNut was also in talks to acquisition with some other companies. Tanushree Nagori, co-founder of the company, refuted this in an April interview with Entrackr. Nagori, Allen and Peak XV did not immediately respond to requests for comment. In FY22, Doubtnut earned Rs 10 million and spent Rs 194 million.
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Source: vtt.edu.vn