Allen Career Institute on Monday announced the acquisition of doubts solving platform Doubtnut. This strategic move reflects Allen’s commitment to building technology led learning solutions focused on improving students’ learning outcomes.
Doubtnut’s team will continue their focus on building doubt resolution experience for students of Allen and Doubtnut, the company said in a press release. Moreover, Allen will bring its enriched curriculum and academic offerings to Doubtnut’s student base and help students with comprehensive learning material.
Last week, Entrackr exclusively reported that Allen will take over the Anushree Nagori-led firm.
Sources assert that it’s a stress deal to the tune of $10 million but it appears to be the best outcome for DoubtNut which was struggling to make money. It has raised about $50 million in total funding and held acquisition talks with edtech companies such as Byju’s in the past. The deal with Byju’s did not go through due to differences over valuation.
According to DoubtNut’s internal documents reviewed by Entrackr, it posted a revenue of Rs 26.6 crore in the last fiscal year (FY23).
For the past few months, Allen has been ramping up its online presence with new websites and mobile apps, catering to various undergraduate and postgraduate courses under its digital arm Allen Digital. In May, the firm also appointed Meta executive Abha Maheshwari as the CEO of Allen Digital.
According to the company, it has ramped up its tech capabilities and hired professionals from leading global and Indian consumer tech companies such as Amazon, Google, Meta, Flipkart, Samsung, Twitter, and others.