Akatsuki AET Fund returned for a series A round led by Tencent that will help the online education platform with hiring, technology development and additional content.
Internet group Tencent has led a $15m series A round for India-based online education platform Doubtnut that included mobile game publisher Akatsuki’s AET Fund, YourStory reported on Friday.
The Indian branches of impact investment firm Omidyar Network and venture capital firm Sequoia Capital also participated in the round along with Ankit Nagori, the co-founder of fitness and wellness platform Cure.Fit.
Doubtnut runs a multilingual online platform that provides students with answers to maths, physics and chemistry problems. Users upload a photograph of the problem and can access a video solution provided by the site’s experts.
The platform already has some 450,000 video answers uploaded and also offers textbooks, study materials and mock exams as well as video lessons. The company will spend the funding on expanding its content, increasing headcount and enhancing its technology.
Tanushree Nagori, co-founder of Doughnut, said 85% of its users are located outside of the country’s top 10 cities and 60% of that user base have been collected in the past six months.
Nagori added: “We aim to use technology to provide a democratic, comprehensive and easily accessible education solution to all students – in the language and manner that they best understand.”
VC firm WaterBridge Ventures led a $540,000 round for Doubtnut in March 2018 that also featured Omidyar Network, before Sequoia’s Surge Fund led a $3.3m round in April 2019 that was also backed by AET Fund, WaterBridge Ventures and Omidyar Network India.