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Byju’s, now valued at $10.5B, in talks to acquire Doubtnut for more than $125M
It’s been a great week for folks over at Byju’s. Yesterday, came the news that in advanced stages of talks to acquire Doubtnut for over $125M. And today, the company announced a new investment from storied Silicon Valley investor Mary Meeker’s fund, Bond, which makes Byju’s India’s second-most valuable startup after Paytm.
Byju’s is the second company to enter the ‘decacorn’ startup club — with over $10B of funding. The company did not disclose the amount of investment, though as per The Times of India, it is said to be below $100M. This is the first time Bond has invested in an Indian startup.
Byju’s has emerged as India’s most prominent EdTech startup. Byju’s on the verge of finalizing the deal to acquire multilingual instant doubt clearing app Doubtnut. This comes just months after Doubtnut raised $15M in a round led by Tencent.
Doubtnut has risen as a go-to solution for students to solve their doubts, instantly. Doubtnut not only caters to tier III, IV, and markets beyond it, it doesn’t even have any kind of monetization on the platform. As per TechCrunch, even Unacademy was in the race to acquire the widely popular instant doubt solving platform, but the deal was called off.
Founded in 2017, Doubtnut offers free video solutions to users who send screenshots of their questions on the platform. It has over over 13 million monthly active users across its web platform, mobile application, and YouTube and Whatsapp channels. There’s no information on if the deal goes through, Doubtnut will continue to offer their services for free to not, or offer to only Byju’s paid subscribers.
With students turning to online education during the pandemic, edtech startups have gained special attention. Most of them have seen their engagement go up, during the pandemic. Byju’s claims to have 57 million registered students. Unacademy, on the other hand, saw a surge of 82% in revenue in April when compared to the previous month.
