🇮🇳 Roundup: Edtech firm Doubtnut posts $263k in revenue

Startups in India, including Medfin and Youkraft, have raised US$25 million in disclosed funding today from international and local investors.

Here’s a snapshot of the fundraising:

Here’s some important tech news from India today:

Edtech startup Doubtnut posts US$263,000 in revenue for 2021

According to its financial statements, the edtech firm recorded 2 crore rupees (around US$263,000) in revenue during financial year 2021, almost a 24x surge from the roughly US$11,000 it logged in the previous year. All of its revenues were attributed to its subscription services.

However, Doubtnut’s total cost also increased by almost 4x to around US$13.9 million in 2021 from US$3.6 million in the previous year.

In 2021, the startup was reportedly in advanced talks to be acquired by Byju’s, but the deal didn’t materialize. In the same year, Doubtnut raised around US$30 million from SIG, Lupa Systems, Sequoia Capital India, Omidyar Network India, and Waterbridge Ventures.

Ola CEO set to appoint brother to lead Ola Financial

The ride-hailing and electric vehicle firm recently revealed its ambition to enter the financial sector with Ola Financial. It also approved the acquisition of Avail Finance through a US$50 million share swap deal.

Ola plans to leverage Avail Finance’s products to strengthen its lending business, and the latter’s team experience.

Avail Finance is a neobank platform that was founded in 2017 by Ankush Aggarwal, brother of Ola co-founder and CEO Bhavish Aggarwal, along with Tushar Mehndiratta. Since its establishment, the fintech firm has raised more than US$38 million in funding from investors such as Alpha Wave Incubation and Matrix India Partners.

Currency converted from Indian rupee to US dollar: US$1 = 75.93 rupees.

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