Language-learning app Duolingo files for IPO

UPDATE (July 29, 2021): Duolingo raises price range for upcoming US IPO

Popular language-learning app Duolingo Inc yesterday filed for an initial public offering and plans to list on Nasdaq under the symbol “DUOL”.

For the first three months ended March 31, Duolingo reported a revenue of $55.4 million and net losses of $13.5 million.

While the company’s revenue increased by 97% in the first quarter of this year, it’s net losses also rose to $13.5 million, according to the filing. 

The Pennsylvania-based company was last valued at $2.4 billion after raising $35 million in November last year.

Duolingo, which is currently among the most popular language-learning apps, was founded in 2011 by Luis von Ahn and Severin Hacker.

The company announced yesterday that the app now has over 500 million global downloads and it’s the top-grossing Education app on both Google Play Store and Apple’s App Store. 

Also Read: Duolingo Revenue and Usage Statistics

Used by over 40 million monthly active users, the app offers courses in 38 languages for free.