Language-learning application Duolingo filed for an initial public offering (IPO) on the American stock exchange Nasdaq, under the ticker symbol ‘DUOL’, on Monday. Its valuation or share price targets was not disclosed. The app’s last confirmed valuation was $2.4 billion in November 2020. Duolingo was launched on November 30, 2011, in Pittsburgh, Pennsylvania.

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The Securities and Exchange Commission (SEC) documents show that Duolingo advertised its revenue and growth to potential investors, and also its position in the market. It was noted that the app had grown by 97% to $55.4 million in terms of revenue in the first quarter of 2021, compared to the first quarter of 2020. Last year, Duolingo had a 129% year-over-year growth in revenue, after it saw a rise from $70.8 million in 2019 to $161.7 million in 2020, reported Markets Insider.

Duolingo also suffered a loss of $13.5 million in the first quarter of 2021, while it suffered only $2.2 million in the same time frame in 2020. At the end of March 2021, the app reported a subscription of 40 million users, along with 1.8 million paying subscribers. Over 70% of its revenue was generated from subscriptions. The paying subscribers have an ad-free experience and a few additional features in the app, reported Market Insider.

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Duolingo is backed by Google’s parent company Alphabet among others. It offers its users free access to courses in 40 languages and emphasises bettering the learning experience. It also offers proficiency assessment exams.