The one who rejected the offer of Rs 11000 crore had to sell the company for Rs 83 crore, bad days for edtech startup companies

The one who rejected the offer of Rs 11000 crore had to sell the company for Rs 83 crore, bad days for edtech startup companies

EdTech Companies in Trouble: Bad days have come for EdTech companies. Recently everyone saw Byju's surrounded by problems. The company has come to such a situation that it is not even able to pay the salaries of its employees. After this, the company's founder and CEO Byju Ravindran distributed the salaries of people by mortgaging their houses. Today we want to tell you about an EdTech company, which Byju had once given a deal to buy for Rs 11 thousand crores. But that deal could not be done and now this edtech startup Doubtnut has been sold for just Rs 83 crore. ;

As fast as the graph of these companies had gone up during the Covid-19 lockdown, as soon as the Corona period ended, the edtech companies have slipped down even faster. These days, Byju's financial condition is being discussed the most. Once the value of this company was estimated at 22 billion dollars. Now it has come down to just 3 billion dollars. The company is embroiled in various court cases. Also, it is trying to sell one of its American digital reading platforms. 

Value fell by Rs 10 thousand crore in three years 

The fate of this Doubtnut is worse than this. The value of this startup fell by about Rs 10 thousand crore in three years. Allen Career Institute has bought it for just Rs 83 crore. The interesting thing is that Byju had tried to buy it for Rs 11 thousand crores. 

Doubtnut uses machine learning technology 

Doubtnut was created by two IIT graduates. The company's founders Tanushree Nagori and Aditya Shankar launched it in 2016. On this platform, answers to maths and science questions were available just by showing photos. This startup received a lot of praise from experts for its use of machine learning and photo recognition technology. Doubtnut is used by 32 million users every month. Due to this acquisition, Allen Institute will now be able to easily deliver its courses and offers to Doubtnut users. Allen CEO Nitin Kukreja said that giving timely and effective answers is very important in the field of education. Doubtnut's platform will be very useful for our students.  

Also read 

DOMS IPO: Doms Industries' IPO created a stir before its launch, jumped 80 percent in gray market in 2 days

Get more latest business news updates

Scroll to Top