Edtech startup Doubtnut witnessed a revenue of Rs 21.7 crore in FY23. The same financial year it saw expenses amounting to Rs 98 crore and a loss of Rs 76.3 crore. While the revenue saw a growth as compared to the previous year’s Rs 15.2 crore, expenses and losses saw a sharp drop from Rs 194 crore and -Rs 179 crore respectively.
With a valuation of Rs 1162 crore, the company saw a total of Rs 19.3 crores from operation contributing significantly to the total revenue. Of the total expenses of the company, over Rs 51 crore and close to Rs 11 crore was spent on employee benefits and legal and professional charges respectively.
Gurgaon-based Doubtnut allows students to send screenshots of their doubts and offers free video solutions. Founded by Aditya Shankar, Tanushree Nagori, and Ravi Sekhar KV in 2016, the company’s core audience is the K12 segment and competitive exam seekers including JEE and NEET.
The edtech has raised a total of Rs 378 crore over 7 funding rounds. Its latest was a convertible note round held on April. The round saw Sequoia Capital, Omidyar Network, and Waterbridge as its lead investors.
While co-founders Aditya Shankar and Tanushree Nagori hold over 14% and close to 10%, respectively, of the company shares, investor Tencent has control over 12% of the company. Earlier this month, the company was acquired by veteran edtech company Allen.
Doubtnut competes against the likes of Classplus, Leverage Edu, Edukemy, Bhanzu, and Handa Ka Funda.