On Monday, 28th June 2021, Duolingo, a language learning mobile application, has filed for a US initial public offering (IPO) and the company Duolingo Inc., have also revealed that, the revenue of the company has been more than doubled in the first quarter of 2021.
The company ‘Duolingo Inc.,’ had been last valued at 2.4 billion dollars after the company received a 35 million dollars funding from the companies including General Atlantic and Durable Capital Partners in November 2020, and the company Duolingo Inc. have also recorded a revenue of 55 million dollars for the first three months of 2021, along with the Net losses in the same period, that have expanded from 2.2 million dollars to 13.5 million dollars in 2020.
The app of Duolingo Inc., is having mor than 500 million downloads and it has also been one of the top-grossing apps in the category of education by both App Store of Apple and Google Play, as said by the company.
During the filing of the US IPO, Duolingo said, the company has been offering the curses in 40 languages in around 40 million active monthly users, and there are also a greater number of people, who are learning certain languages including Irish and Hawaiian, on the platform of the company, there are some native speakers of those languages across the world.
Allen & Company as well as are going to be the leading underwriters of the US IPO filing, and the company has also been planning to start trading under the symbol ‘DUOL’.