Tuesday, June 25, 2024
Outlook.com
Outlook India
Outlook Business

Kota-Based Allen Career Institute Acquires Problem-Solving Platform Doubtnut

Allen Career Institute said that the acquisition will allow it to enhance the learning experience for the students

Kota-Based Allen  Career Institute Acquires Problem-Solving Platform Doubtnut

Outlook Start-Up Desk

POSTED ON December 05, 2023 11:13 AM

Kota-based Allen Career Institute announced on Monday that it has bought the problem-solving platform Doubtnut, but the exact amount of the deal was not disclosed. The institute, which mainly provides offline coaching, mentioned that acquiring Doubtnut will help them enhance their technology-based learning solutions.  

The Economic Times reported citing its sources that the deal is estimated to value Doubtnut at $10 million. The platform, which has received about $52 million in total funding from investors like WaterBridge Ventures and Peak XV Partners, was last valued at $154 million in January 2022. However, a spokesperson for Allen Career Institute did not provide details on the financial aspects of the deal when asked by the news platform. 

Alen Institute in its statement added that the move will help it to build its tech-based learning solution.  

Doubtnut currently has a reach of 32 million students through digital apps, websites, and YouTube. Allen Career Institute plans to provide its curriculum and academic resources to the existing student base of Doubtnut, the statement added. 

“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,” said Nitin Kukreja, chief executive of the coaching institute. 

“Doubtnut’s mission is to bring education to every student across India using technology and high-quality content. We have worked towards this vision over the last six years, gaining immense consumer love during this journey,” Aditya Shankar, cofounder of Doubtnut, said in the statement. 

In May 2023, the Institute named Abha Maheshwari, a former executive from Meta, as the chief executive of its edtech division, Allen Digital. Maheshwari's role involves spearheading the development and management of the tutoring institute's digital and technology teams in Bengaluru. Her primary objective is to contribute to the creation of digital-first products tailored for students. 

  • Related Articles

    As per the sources, Byju Raveendran has recently raised money by mortgaging home and real estate assets owned by family members to pay salaries

    Byju Raveendran Pledges Homes To Secure Funds For Staff Salaries Amidst Challenging Times

    The Algorand Foundation also announced a partnership with the United Nations Development Programme (UNDP) to launch a blockchain academy that will train 22,000+ UNDP employees in over 170 countries

    Algorand Strengthens Web3 Commitment With Key Partnerships: T-Hub, NASSCOM, And TiE Bangalore

    Korea's innovation met India's entrepreneurial spirit at the K-Start-Up Centre India Demo Day where 10 South Korean start-ups pitched their solutions 

    K-Tech Wave Surge: Korean Start-Ups Paving Their Way To Indian Markets