 "Exams trainer Allen acquires edtech platform Doubtnut to improve technology")
Exams trainer Allen Career Institute has acquired Doubtnut, an education technology platform that uses artificial intelligence, for an undisclosed amount. Sources said the deal is worth around $10 million.
Allen said the Doubtnut will continue to build a doubt resolution system for students who have subscribed for the services of either company. Doubtnut’s apps, websites and YouTube channels have a monthly reach of 32 million students.
"Timely and effective resolution of doubts is a core consumer need in education,” said Nitin Kukreja, chief executive officer of Allen. “Doubtnut’s platform will allow us to greatly enhance the learning experience for our students."
Allen will bring its curriculum and experience to Doubtnut’s student base. "We resonate with Allen’s vision of creating technology products that are focused on improving learning outcomes,” said Aditya Shankar, co-founder of Doubtnut.
Allen said it is focused on building a world-class technology team and hired professionals who have worked in international companies such as Amazon, Google, Meta, Flipkart and Samsung for that. Its technology and product teams in Bengaluru have more than 120 members.
Allen said it has taught more than 2.8 million students since its inception in 1988. It has more than 200 classroom centres in 53 Indian cities. The institute offers a range of programmes, including classroom coaching, distance learning, online tests, and study material.
EY acted as the exclusive financial advisor to Allen and Trilegal acted as the legal advisor. TTA acted as the legal advisor to Doubtnut; Aeka Advisors acted as Tax advisor to Doubtnut.