Posted by AGORACOM-JC
at 2:46 PM on Thursday, November 7th, 2019
SPONSOR: BetterU Education Corp.
aims to provide access to quality education from around the world. The
Company plans to bridge the prevailing gap in the education and job
industry and enhance the lives of its prospective learners by developing
an integrated ecosystem. Click here for more information.
BTRU: TSX-V
EdTech Startup Adda247 Raises $6 Mn in Series B Funding led by Info Edge
Edu-tech startup Adda247 on Thursday said it has raised USD 6 million (about Rs 42.6 crore) in funding, led by Info Edge (India), the parent company of online recruitment portal Naukri.com, and Asha Impact, an impact investment platform.
Edu-tech startup Adda247 on Thursday said it has raised USD 6 million
(about Rs 42.6 crore) in funding, led by Info Edge (India), the parent
company of online recruitment portal Naukri.com, and Asha Impact, an
impact investment platform.
The series B round of funding also saw participation from STL, an
existing investor of Adda247, a company statement said. With the latest
round, Adda247 has raised a total of USD 10 million till date, it added.
The company plans to leverage this funding for expanding to new exam
categories, adding new languages on the platform and amplifying its
pan-India presence.
In a separate regulatory filing, Info Edge (India) on Thursday said
it has entered into an agreement to invest about Rs 21 crore in Metis
Eduventures (Adda247) as primary acquisition of shares.
The aggregate shareholding of the company, post this investment, in
the said entity would be 6.97 per cent on fully convertible and diluted
basis, it added.
The filing noted that Metis Eduventures’ turnover was Rs 46.7 crore as on March 31, 2019.
Last week, Info Edge had announced acquisition of securities in Metis
Eduventures for an amount of about Rs 7.06 crore through secondary
purchase of shares from its existing shareholders.
Founded by Anil Nagar and Saurabh Bansal in 2010, Adda247 offers
products like live video classes, on-demand video courses, mock tests
and books focused on government examinations. It also operates
exam-specific platforms like sscadda.com, teachersadda.co.in,
bankersadda.com and careerpower.in.
The company has seen 10 times growth in the last three years in terms of revenue and paid users.
Adda247 has more than
40 million users on its platform and over 3 million Daily Active Users,
its co-founder and CEO Anil Nagar said adding that “more than 60 per
cent of our users come from tier III cities and small towns and that is
where we are seeing unprecedented growth and engagement.â€
Currently, Adda247 is present in both online and offline platforms
with more than 450 coaching centres, over 500 professionals and 1,000
teachers associated. It has successfully trained more than 100 million
students till date, the statement said. PTI SR
Posted by AGORACOM-JC
at 3:18 PM on Wednesday, November 6th, 2019
SPONSOR:Â BetterU Education Corp. aims to provide access to quality education from around the world. The Company plans to bridge the prevailing gap in the education and job industry and enhance the lives of its prospective learners by developing an integrated ecosystem. Click here for more information.
BTRU: TSX-V
How Edtech players are contributing to the Indian economy
In this fast-paced transformation era, education and skilling are crucial to the progress of the country
It is a key benefactor not just to economic growth but also to greater economic equality. Governments and academic institutes, as well as entrepreneurs, are jointly transforming the definition of learning.
This collaborative approach and deep knowledge have led to the rise of vibrant and dynamic edtech industry. (Representational Image)
In this fast-paced transformation era, education and skilling are
crucial to the progress of the country. It is a key benefactor not just
to economic growth but also to greater economic equality.
Education indeed transforms lives but the fundamental question today
is, what is transforming education? It is the digital disruption, and
the inception of edtech players in the market are significant holders of
the transforming norms of education around the corner. Governments and
academic institutes, as well as entrepreneurs, are jointly transforming
the definition of learning. This collaborative approach and deep
knowledge have led to the rise of vibrant and dynamic edtech industry.
Startups in edtech sector
The edtech industry has emerged over the past few years, propelled by
startups looking to address the issue of both reach and quality of
education by leveraging modern-day technology. These startups have also
started contributing to the economic prosperity of India by accelerating
the process of job creation, an increase in GDP and wealth creation.One
such promising paradigm of the startup ecosystem is the EdTech or
Education Technology. Startups in edtech sector have rolled out
offerings such as personalized assessments, VR content, parent
engagement, gamification, soft skills development, digital libraries,
student networking, test preparation, procurement marketplaces, learning
analytics, language tools, internship location, and real-time scenario
engagement.
Didactics of edtech
Mr. Piyush Nangru, COO and Co-founder, Sunstone Eduversity, says,
“With the help of technology, edtechs are bridging the skill gaps,
therefore generating employment for the youth. Tech-enabled pedagogy
helps quantify the learning outcomes, measure student performance and
determine appropriate remedial actions.”
Edtech industry in India
India is no doubt set to be one of the leading players in the global
ed-tech space with innovation taking center-stage. The ed-tech industry
is expected to touch about USD 2 billion in India by 2021, industry
trackers said. The country today has more than 4000 Ed-tech startups who
are fuelling the education system; thus in return, accelerating the
economy. According to the report released by Google and KPMG, the online
education industry will grow at a healthy rate of 8x, to become a 1.96
billion dollar industry by 2021. Also, it says that the paid user base
will grow 6X from 1.6 million users in 2016 to 9.6 million users in
2021.
Contribution of Govt
The Government of India is also driving major initiatives in terms of
leveraging technology for education. The spirit of innovation along
with an emphasis on skill-based development, has been the primary
objective of the government led by Hon’ble Prime Minister Narendra Modi.
SWAYAM is an initiative by the Ministry of Human Resource Development
to provide courses from Standard IX to post-graduation via its IT
platform, free of cost to all residents of India. E-Basta is a platform
that allows publishers of schoolbooks to upload digital formats of their
books online for easy access by students. Diksha, an initiative by the
National Council for Teacher’s Education, provides interactive learning
resources to teachers, students as well as parents.
Edtech players driving the force of economy
Arman Ahmed, Co-Founder & CEO, EdYoda, explained how edtech
players are helping students to outshine their way out. He said, “Today
the Indian economy is suffering because there is a shortage of skilled
manpower. The education sector in India is not just inefficient- it is
nearly broken. Only a few leading universities and colleges provide
quality education- a prerequisite for professional success. Also, having
many well-educated professionals is essential to drive innovation,
which in turn is essential for a robust economy.†He further said that
the vast majority of Indian graduates don’t have skills that allow
either. Rather than learning in a traditional university or college,
most of which don’t educate well, students will do better when they
enroll in courses offered by ed-tech players. After graduation, they
will be more likely to achieve professional success and contribute to
the economy because they will be productive and, unlike traditional
graduates, more successful entrepreneurs.
Posted by AGORACOM-JC
at 9:30 AM on Tuesday, November 5th, 2019
SPONSOR: Betteru Education Corp.
aims to provide access to quality education from around the world. The
Company plans to bridge the prevailing gap in the education and job
industry and enhance the lives of its prospective learners by developing
an integrated ecosystem. Click here for more information.
BTRU: TSX-V
Gradeup Raises $7M To Expand Its Online Exam Prep Platform In India
Delhi-based EdTech startup Gradeup has raised $7 million A Series by Times Internet. The venture capital is the first and only external investor of Gradeup.
The online platform helps the students to prepare for most of the
undergraduate and postgraduate exams in India with very engaging
services.
by StartupWorld Staff
Delhi-based EdTech startup Gradeup
has raised $7 million A Series by Times Internet. The venture capital
is the first and only external investor of Gradeup. The online platform
helps the students to prepare for most of the undergraduate and
postgraduate exams in India with very engaging services.
Founded in 2015 by Sanjeev Kumar, Shobhit Bhatnagar, and Vibhu Bhushan,
Gradeup was only a platform to discuss exams in the beginning.
Understanding the importance of making an all-in-one platform for
competitive exams in India, the founders implemented several
advancements in the startup.
Currently, over 10 million aspirants are
using the platform for various exam preps. The platform is useful in
four ways. The primary function is to provide an opportunity for exam
prep communities. The users can interact with other students who also
prepare for the same. Besides, the expert guidance via live sessions
improves the students’ potential.
Students also get the opportunity to
learn through daily mock tests. The question papers are designed in the
latest form by exam experts. Students can also compare the answers, test
ranks, and so on. Gradeup keeps the users updated with the latest exam
announcements, as well.
SSC, Banking, Railways, Teaching, JEE,
GATE, NEET, UPSC, Defense, and State level exams are the major exams the
platform focuses on. The fee of coaching depends on the duration and
complexity of the exam. However, the price mostly ranges between Rs
5,000 ($70) and Rs 35,000 ($500).
Over 30 million people enroll for the
competitive exams in India. The growing EdTech startups helped many
students to crack the exams with the practical method of learning at an
affordable fee. The sector is booming, along with the performance of
students appearing exams. Aiming more students, Gradeup is planning to
strengthen the services and extend the platform all over India.
Posted by AGORACOM-JC
at 10:16 AM on Monday, September 30th, 2019
SPONSOR: Betteru Education Corp.
aims to provide access to quality education from around the world. The
Company plans to bridge the prevailing gap in the education and job
industry and enhance the lives of its prospective learners by developing
an integrated ecosystem. Click here for more information.
BTRU: TSX-V
The Huge Opportunity Education Investors Are Missing
Of course, there’s no such thing as a sure investment but here’s why getting aboard the education train in India sure feels like it.
HolonIQ, KPMG and others relay the numbers – India has 260 million students studying at 1.5 million schools.
If you pay attention for more than even a few minutes, it’s easy to
be dumbfounded by the decision-making of education and education
technology investors as they routinely pour money into businesses and
concepts that have no hope of working. They continually believe
education ventures and education markets function like normal ventures
in other markets and that what they hear from misinformed pundits is
accurate. They don’t. And it’s probably not.
At the level of the individual decision and the particular funding
round, there is a parade of examples. But the easiest example is at the
macro, international level where investors and speculators have yet to
move on what may be the greatest educational growth opportunity they
will likely ever see – India.
To say the education and education investment opportunities in India are massive is to not understand the word massive.
As you review the statistics and projections about India, keep in
mind that ed and edtech investment there is just 10% of the global
total, behind China and the U.S. According to HolonIQ, just $700 million was invested in India edtech in 2018 and just one company, Byju’s, raked in $540 million of that. Every other investment in education in India shared a paltry $160 million.
Of course, there’s no such thing as a sure investment but here’s why
getting aboard the education train in India sure feels like it.
HolonIQ, KPMG and others relay the numbers – India has 260 million students studying at 1.5 million schools.
The country has 600 million people under the age of 25 and some 27
million undergraduate college students. That’s 4.5%. For comparison, the
U.S. has about 17 million undergrads out of population of about 100
million in the under-25 bracket, obviously, that’s about 17%. The growth
potential in higher ed alone should be obvious.
With 400 million smart phone users, it’s the second-largest connected
country on the planet. And India’s projected economic growth is heavily
tied to service and technology and dependent on education. If the
country is going to continue to grow, its education system has to too.
National leaders know this are likely to continue big investments and
favorable policies.
Further, most education in India is done in English. All of higher
education is. Which means that for U.S. investors and innovators
especially, India ought to be a comparatively easy market to understand
and reach. Even more significantly, India allows for 100% direct foreign
investment in education.
The KPMG report predicts more than 50% annual growth in online
learning in India, due to the rapid growth in young people and Internet
connectivity. They expect that business in the reskilling and continuing
credential market to grow 38% annually.
And like many young people, students and prospective students in
India are highly responsive to educational quality as represented by
brand. In other words, known American and European education brands
that get in India now could really clean up as the country’s warp-speed
growth kicks in.
Overall, the KMPG report is not subtle about the India education
market, saying, “The education market in India … presents a lucrative
opportunity for monetization.†HolonIQ says the environment there
“translates into a huge opportunity as the target market for education
and upskilling.â€
It appears so.
Yes, education providers should not chase money, they should follow a
more noble purpose. But that case is sitting in India too. With 30% of
India’s population under the age of 14, the risk that India’s education
won’t keep pace is a real, geopolitical threat. Helping them grow in
size and quality is important on a number of fronts. And, if India’s
education system can keep pace, the growth will dwarf anything in China
and not even compare with anything in the U.S.
And yet investors and education providers have been comparatively
slow to move to and in India. In 2018, education funding in the U.S. was
twice what it was in India and education investment in China was nearly
seven times larger. To an observer, that makes little sense.
It feels that if you have a MOOC platform or a lab school or a random
digital learning app – investments with little hope of financial return
and even less hope of educational reform – venture capital flows like
wine at a bacchanal.
Maybe that’s overstated. What’s probably not overstated is what’s
coming in the education space in India. That feels very real. Let’s see
if the wizards of Wall Street and the sultans of Silicon Valley
recognize it.
Posted by AGORACOM-JC
at 10:10 AM on Thursday, September 26th, 2019
Announced that it has completed its first online course and instructor-led classroom program with McDonald’s India.
McDonald’s India has since awarded betterU with additional programs to develop
OTTAWA, Sept. 26, 2019 — betterU Education Corp. (TSX VENTURE: BTRU, Frankfurt: 5OGA) (the “Company” or “betterU”) is pleased to announce that it has completed its first online course and instructor-led classroom program with McDonald’s India. McDonald’s India has since awarded betterU with additional programs to develop. While these are smaller programs to start with, the Company is focused on building a longer-term relationship and providing more support programs under development.
betterU has created a database of hundreds of corporate accounts
within India alone and is working to roll out a manageable schedule of
corporate pitches based on their newly developed corporate offering and
strategy. After meeting with many corporates on betterU’s last trip to
India back in July 2019, it became clearer that in order to support
national corporate programs betterU would be required to provide a
simplified solution that can support both a larger core offering with
variable off the shelf adhoc courses. The Company’s core program needed
to:
provide a base of courses to support a standardized Corporate offering (see below);
implement a Learning Management System that any corporate could use to track employee progress.
provide content that was scalable across multiple departments, affordable, relevant and customizable.
betterU also had to look at how to address access to more
comprehensive solutions for corporates including such considerations as a
talent management and HR system, talent management consultants and
coaches, applicant tracking and onboarding systems, employee survey
providers, 360s / multi-rate feedback and career development systems.
As betterU’s business model has been developed for ease of growth
through sourcing and collaboration, betterU was able to locate and
partner with the USA based firm Vado Inc., who met the requirements for
all that was needed to support Corporate India.
In August 2019, betterU partnered with Vado Inc. and has been
developing promotional materials to support the offering of over 295
corporate core courses through betterU which support for instance career
development, coaching and work relationships. Combined with all other
courses available through betterU such as AI, Machine Learning, Big
Data, Finance and much more, the Company now has a more robust solution
for corporates and will begin further efforts with corporate India in
the upcoming weeks.
“Many Corporates that betterU has met with have described their
current challenges to include having to work with multiple educators,
each providing only part of the learning solutions, while trying to
integrate technologies and delivery that are not aligned for simple
employee management. betterU is now able to offer a
one-stop-shop-solution to solve the needs of a Corporate across all
aspects of their challenges. We have the right partners with quality
content across multiple subjects, affordability, relevance and
integrated supporting systems. We are looking forward to update the
market about further progress in due course,†said Brad Loiselle, CEO of betterU.
About betterU Education Corp.
betterU, a global education to employment platform, aims to provide
access to quality education from around the world to foster growth and
opportunity to those who want to better their lives. The company plans
to bridge the prevailing gap in the education and job industry and
enhance the lives of its prospective learners by developing an
integrated education to employment ecosystem.
betterU’s offerings can be categorized into several broad functions:
to compliment school programs with flexible preschool, KG-12 programs
preparing children for next stage of education, to provide access to
global and localized educational programs from leading educators, to
foster an exceptional educational environment by providing befitting
skills that lead to a better career, to bridge the gap between one’s
existing education and prospective job requirement by training them and
lastly, to connect the end user to various job opportunities.
betterU today has partnered with over 75 global educators,
representing access to over 53,000 programs. It is developing technology
and ongoing more partners required to support the growing education
needs of the world.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements and
information, which may involve risks and uncertainties. The results or
events predicted in these statements may differ materially from actual
results or events. Factors that might cause a difference include, but
are not limited to, competitive developments, risks associated with
betterU’s growth, the state of the financial markets, regulatory risks
and other factors. There can be no assurance or guarantees that any
statements of forward-looking information contained in this release will
prove to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. These and all
subsequent written and oral statements containing forward-looking
information are based on the estimates and opinions of management on the
dates they are made and expressly qualified in their entirety by this
notice. Unless otherwise required by applicable securities laws, betterU
disclaims any intention or obligation to update or revise any
forward-looking statements, whether because of new information, future
events or otherwise. Readers should not place undue reliance on any
statements of forward-looking information that speak only as of the date
of this release. Further information on betterU’s public filings,
including their most recent audited consolidated financial statements,
are available at www.sedar.com.
Technology and digital footprints have altered the way businesses work, employees perceive work and even the way families function.
Classrooms were not to be left behind. In 2018, there was a marked increase in investor interest in learning startups, especially those that are AI-based.
More recently, UK education conglomerate  Pearson announced a commitment of  $50 million solely to fund next generation EdTech startups to keep up with changing trends.
With that in mind, here are eight ways in which EdTech is shaping the next generation’s skills through tech intervention.
1. Immersive Learning
Classroom learning is no longer relegated to the chalkboard. Today,
students can participate in immersive experiences while learning about
everything from specific timelines in history to climate change in
Antarctica. EdTech companies like Early Adopter
work with educators to create augmented-reality tutorials, including
virtually transporting students to the surface of the moon while reading
books about space.
2. Industry-Specific Learning
Today’s fast-paced business sectors require that learners enter the
workforce with a fundamental understanding of how an industry works.
Companies like Yellowbrick and
InternView create industry-specific online programs by partnering with
major colleges, media outlets and organizations with a goal of
helping learners get useful training in the industries they’re
passionate about.
3. Seamless Classrooms
With limited resources and time-based pressures, it’s increasingly
difficult for teachers to ensure 100 percent student comprehension.
That’s why companies like Brainly and OneClass have
decided to connect the whole world as one collaborative learning group
that’s capable of adapting dynamically to global topics and trends.
Theirs is a great example of using technology as a leveler
while governments figure out how to invest more in the classroom
experience.
4. Big Data
As test scores and attendance persist as traditional metrics for
classroom success, seemingly simplistic technologies are creating
ripples. Companies like Peachjar promote
parent-teacher collaboration and engagement in extracurricular
activities using big-data analytics to discover new ideas, opportunities
and resources available across the country.
5. Future-Ready Design
With AI set to wipe out millions of repetitive tasks, experts predict
that everything that can be automated will be automated in the future,
sparking enormous demand for skills like critical thinking,
problem-solving, ideation, creativity and, most importantly, empathy.
EdTech startups such as Cartedo
provide students with a future-readiness platform and design-thinking
workshops to develop creative confidence. The foremost goal is to equip
students to become agents of change in their own communities, even
encouraging them to work on solutions to address subject matter as lofty
as UN sustainability and development goals.
6. Gamification.
Classrooms are coming alive with personalized, adaptive learning through gamification. Platforms like Mangahigh
are employing gamification to ease understanding of even serious
subjects like math by encouraging participation, engagement and
collaboration. Gamification also improves context-based comprehension
through adaptive and personalized learning.
7. Digital Safety
Given kids’s increased engagement with the internet, there is a need
for designing online spaces that are safe for young learners. One
company leading the charge is AI-based platform Securly, which intuits risks of bullying and self-harm and innovates protections that meet modern needs.
8. Sustainability and Life Skills
The tendency to confine classroom instruction to solely academic goals is slowly but surely diminishing. Companies like Mindvalley
collaborate with schools to impart online lessons on living a
meaningful life. Topics include communication and negotiation, finding
purpose, staying calm under stress and sustainability design. In other
words, all the skills required in real life.
3rdFlix Visual Effects secures $5M funding led by Exfinity Ventures
ETtech
Hyderabad-based educational technology startup 3rdFlix Visual Effects has raised $5 million in a pre-Series A round led by Exfinity Ventures.
YourNest, IDFC Parampara and high net-worth individuals also participated in the funding round.
The startup plans to use the capital to expand the 6-12th grade segment and launch immersive and experiential content later this year
Founders (L-R) Subbarao Siddabattula, Charu Noheria and Ilangovel Thulasimani
Hyderabad-based educational technology startup 3rdFlix Visual Effects has raised $5 million in a pre-Series A round led by Exfinity Ventures. YourNest, IDFC Parampara and high net-worth individuals also participated in the funding round.
The
company plans to use the capital to expand the 6-12th grade segment and
launch immersive and experiential content later this year. It also aims
to launch in international markets, including the United States,
Africa, UAE, and Southeast Asia, in the next 18 months.
“With
amazing advancements in spatial computing, combined with artificial
intelligence, we are looking at a new era of intelligent, interactive
and immersive content that will change the way we learn,†said Subbarao
Siddabattula, Founder and CEO of 3rdFlix.
The startup, founded in
2014 by Siddabattula, Ilangovel Thulasimani and Charu Noheria, uses VFX
and technologies such as machine learning, artificial intelligence,
augmented reality, virtual reality and mixed reality to create life-like
intelligent shared experiences for enhanced learning. It focuses on
interactive and experiential learning to increase retention and
engagement levels among students.
The animation and VFX segment
grew 18.7% in FY19, to reach Rs 87.7 billion, mostly driven by animation
content on OTT platforms and rising demand from non-entertainment
sectors such as education and healthcare.
The sector is expected
to grow at a compounded annual growth rate of 16% between FY19 and FY24
and reach Rs 184 billion, according to a report by KPMG.
Posted by AGORACOM-JC
at 11:16 AM on Thursday, September 5th, 2019
SPONSOR: Betteru Education Corp.
aims to provide access to quality education from around the world. The
Company plans to bridge the prevailing gap in the education and job
industry and enhance the lives of its prospective learners by developing
an integrated ecosystem. Click here for more information.
BTRU: TSX-V
How Byju Raveendran Built A $5.5 Billion Business With His EdTech Startup
Byju’s has become the rage among students across India, enrolling 35 million to its math and science tutoring app. Photo: Gayatri Ganju Â
Byju Raveendran got the first inkling he might have a future in education as a teenager tutoring 11th and 12th graders clamoring for his help to pass their exams. Back then, he was just an 8th grade math whiz.
In 2006, Raveendran launched what has turned into the world’s most valuable education technology business, Byju’s. From its start offering test-prep classes, Byju’s has become the rage among students across India, enrolling 35 million to its math and science tutoring app. In July, it received funding from a group of investors that included Qatar’s sovereign wealth fund and valued it at $5.5 billion—and Raveendran has a 26% stake in the company.
Raveendran’s wife, Divya Gokulnath, 33 is cofounder and a director on Byju’s board.
Photo: Gayatri Ganju
Today In: Asia
“This is not a business which I started as a business,†says
Raveendran, who plans to use his new funding to expand his $200 million
(sales) company into Australia, the U.K. and the U.S. “It’s a passion
which ended up becoming a business.†His timing appears ripe: the global
education technology, or edtech, industry will grow 61% from $349
billion in 2018 to $562 billion by 2022, according to U.K.-based
market-research firm Technavio. The latest $150 million infusion led by
Qatar Investment Authority brings the total funding received by Byju’s
to more than $1 billion, following a $31 million investment in March led
by U.S. private equity firm General Atlantic and China’s Tencent, and $540 million last December from South Africa’s Naspers and the Canada Pension Plan Investment Board.
Raveendran, 38, is the son of teachers. After earning a bachelor’s
degree in mechanical engineering in Kerala, India, he took a job in
Singapore in 2001 as a globetrotting engineer at a shipping company.
During trips back home, he helped friends prepare for the
ultra-competitive admission test for India’s elite business schools, the
Indian Institutes of Management. Just for fun, he took the exam twice
himself, scoring in the top 1% each time.
Raveendran got the first inkling he might have a future in education
as a teenager tutoring 11th and 12th graders clamoring for his help to
pass their exams.
Photo: Gayatri Ganju
In 2005, Raveendran quit his job and returned to India to teach
business-school applicants full-time. Within six weeks, he had 1,200
students. He soon started traveling to nine cities. But by 2009 he
started broadcasting lessons via satellite. Raveendran soon realized
that his aspiring business-school students were struggling with math and
science that they should have learned at a much earlier age. To help
redress that gap, in 2011 he launched Think & Learn, the company
that is Byju’s parent.
“The first thing that struck me about Byju was that he was passionate about teaching,†says Ranjan Pai,
the billionaire doctor who controls the education and healthcare
focused Manipal Group. “But when he asked me for $8 million, I nearly
fell off my chair.†Impressed by Raveendran’s confidence, Pai obliged
him and in 2012 became one of Byju’s first two investors, buying a 26%
stake alongside a former software executive. He still retains 1% of
Byju’s.
India appears fertile ground for edtech: the country has 260 million
school-age children struggling through a system rife with poorly
qualified teachers in an increasingly tech-savvy economy starving for
skilled workers. “You have here a proliferation of smartphones,
almost-free bandwidth, ubiquitous internet access and ease of digital
payments,†says Krishnan Ganesh, who cofounded the online education
company TutorVista in 2005, then sold it to U.K.-based Pearson in 2011,
before Byju’s bought part of it from Pearson in 2017. “And you have
parents who will spend a disproportionate amount of their disposable
income on education.â€
Byju’s has raised more money than any other edtech startup.
Source: Holoniq
In 2015, Byju’s released its first app, a math and science tutor for
6th to 12th graders and followed it up two years later with one for 4th
and 5th graders. In addition to providing video lessons, the app gauges
whether the student has understood the concepts. Based on the response,
the app takes the student either to the next level or back to basics.
“This is what teachers can never do,†says Raveendran. “They’re unable
to assess how much each student has really understood any topic.â€
Within three months of launching, the app had been downloaded two
million times. Today, Byju’s has enrolled 35 million students, with 2.4
million paying between $150 to $200 each for an annual subscription.
Byju’s $200 million in annual sales is still tiny compared to the $3.9
billion at Japan’s Benesse Holdings, Asia’s largest listed education
company. Yet it’s already profitable—earning more than $2 million in its
latest fiscal year—and growing fast. Spurred on by a recent focus on
students in smaller cities, Byju’s expects revenue for the year ending
next March to more than double to $440 million.
Byju’s inevitably faces a proliferation of challengers, including Vedantu, which is backed by China’s TAL Education Group
and offers live, one-on-one tutoring, as well as Toppr, which provides
online test preparation. And while China’s own edtech players—such as
VIPKid—are not direct rivals, they compete for the same investment pool.
Byju’s is now the fourth most-highly valued startup in India, after
mobile payments and e-commerce firm Paytm, hotel operator Oyo and
ride-hailing app Ola.
Photo: Gayatri Ganju
So far, Byju’s has grabbed the largest chunk of money. In 2016,
Byju’s landed $50 million for an undisclosed stake from a group that
included U.S. venture capital firm Sequoia Capital and Mark Zuckerberg and wife Priscilla Chan’s Chan-Zuckerberg Initiative,
marking that fund’s first investment in Asia. In 2017, China’s Tencent
invested $40 million on its own. Byju’s is now the fourth most-highly
valued startup in India, after mobile payments and e-commerce firm
Paytm, hotel operator Oyo and ride-hailing app Ola, after the latest
Qatar-led investment round.
Raveendran hoped to stay ahead of the competition by broadening his
product offering and expanding into new markets. This year, Byju’s plans
to add English and social sciences to its curriculum. And in January,
Raveendran paid $120 million to buy Osmo, a U.S. maker of education
games. In June, he launched a cobranded app with Disney called the
Disney Byju’s Early Learn app, aimed at India’s 5 to 8-year olds. “We’ll
be expanding with more products, more grades and more markets,†he
says.
Byju’s is already working to widen its youth appeal: In Bangalore, a
team of 1,100 animators, gamers, developers and teachers are developing
lessons for tech-savvy 3 to 8-year-olds that feature locally developed
animated characters. “They have some X factor which kids like,†says
Raveendran.
Posted by AGORACOM-JC
at 10:29 AM on Thursday, August 29th, 2019
SPONSOR: Betteru Education Corp.
aims to provide access to quality education from around the world. The
Company plans to bridge the prevailing gap in the education and job
industry and enhance the lives of its prospective learners by developing
an integrated ecosystem. Click here for more information.
BTRU: TSX-V
Vedantu secures $42M funding led by Tiger Global & WestBridge Capital
The investment will enable Vedantu to popularize its online live tutoring sessions in small towns and cities across the country.
Vedantu’s current goal is to boost activations from tier 2 and beyond cities, aided by lowering the average price of its live tutoring classes
ETtech
Edtech platform Vedantu has raised $42 million in fresh funding, led by New York-based Tiger Global Management and WestBridge Capital.
The investment will enable Vedantu to popularize its online live
tutoring sessions in small towns and cities across the country.
Existing
investors Accel, Omidyar India and TAL Education also participated in
the round, along with Prince Maximilian of Liechtenstein who is also the
CEO of banking and asset management firm LGT group.
“Majority of
this fund we are planning to deploy into building awareness about this
category and our brand. Investments into our technology and platform
will be the second pillar enabled by this round,†said Vamsi Krishna,
cofounder and CEO.
Vedantu claims 15 million users access free
content on its platform, while 150,000 pay for its live tutoring
programme. The company said it currently recuperates the cost of
acquiring a customer within a year, and is hoping that users extending
their subscriptions over many years will drive profits.
The
company’s current goal is to boost activations from tier 2 and beyond
cities, aided by lowering the average price of its live tutoring
classes, Krishna said. Almost 80% of users who access Vedantu’s free
content are from tier 2 and smaller cities, while 55% of its paid users
are in small towns.
“Vedantu has been the first to reimagine the concept of
tutorials in the country and create an exponential shift towards the
online LIVE Tutoring model. Vamsi and team are extremely focused on
improving the educational outcomes of students using their unique online
offering,†said Anand Daniel, partner at Accel Partners.
Including
the latest funding, Vedantu has raised $58 million in total across
three funding rounds. The investment comes at a time when India’s
ed-tech space is seeing traction, with giants such as Byju’s achieving a
valuation of $5.4 billion in its latest round.
Posted by AGORACOM-JC
at 11:34 AM on Wednesday, August 21st, 2019
SPONSOR: Betteru Education Corp.
aims to provide access to quality education from around the world. The
Company plans to bridge the prevailing gap in the education and job
industry and enhance the lives of its prospective learners by developing
an integrated ecosystem. Click here for more information.
BTRU: TSX-V
Students prefer edtech resources to parents when it comes to homework help
A global survey gauges parents’ opinion of how edtech resources are impacting student learning and modern parenting
By Laura Ascione, Managing Editor
Smarter technology and edtech resources are helping students become independent learners and problem solvers, according to new research.
In fact, many of today’s students first turn to technology for answers to their questions, and they aren’t depending on their parents for homework help as often as in past generations.Â
The research from Lenovo surveyed more than 15,000 people across the
globe. Overall, 75 percent say their children are more likely to look
something up online than to ask them for help with schoolwork.
It also offers interesting insight on how different countries view edtech resources and technology in general.
India (89 percent) and China (85 percent) both have the highest rate
of parents reporting their children turn to edtech resources for
homework help. Those two countries have also seen a rise in parents using technology to assist with their kids’ learning in recent years.
