India-based online education platform developer Doubtnut collected $31m in a series B round co-led by quantitative trading firm Susquehanna International Group and investment firm Lupa Systems, TechCrunch reported yesterday.
Sequoia Capital India, Omidyar Network India and Waterbridge Ventures also participated in the round, which took the company’s overall funding to about $50m.
Doubtnut’s mobile app enables students to take pictures of mathematics problems and instantly receive guidance on the solution. Its platform uses machine learning and image recognition technology to generate step-by-step videos in multiple languages.
The company rejected an acquisition offer valued between $80m and $90m from digital education provider Byju’s in October 2020, according to Entrackr. Byju’s initially agreed to spend about $130m on the deal but reduced the valuation following after conducting due diligence.
The funding will Doubtnut allow to add new language support and widen the scope of the subjects it covers.
Internet group Tencent led the company’s $15m series A round in February 2020, a round that included mobile game publisher Akatsuki’s AET Fund, Omidyar Network India, Sequoia Capital and Ankit Nagori.
Doubtnut had raised $3.3m in an April 2019 round led by Sequoia’s Surge Fund that also featured AET Fund, WaterBridge Ventures and Omidyar Network India. It came after WaterBridge Ventures led a $540,000 round the previous year that was also backed by Omidyar Network India.