EdTech has been around for nearly the last 15 plus years in a meaningful way. Since March 2020, the number of students studying online in India has increased dramatically. Schools, universities, and educational institutions have gone online due to the lockdown and fear of Covid-19. In the last 10 months, several edu-tech sites have seen their user base double in both paid and free new users in the K12 and post K-12 categories
The number of students studying online has reached 90 million and is expected to continue to rise. According to a report by RedSeer and Omidyar Network India, the online education market for class 1 to 12 is expected to grow 6.3 times in the next year, to $1.7 billion. The demand for post-K-12 education is expected to rise 3.7 times to $1.8 billion. Technology has scaled to a level where all of this happens effortlessly digitally and delivers a great learning experience and great outcomes.
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The massive increase in EdTech users as a result of the nationwide shutdown has given the sector a big boost in India, where it is expected to grow at a CAGR of 52% to turn into $1.96 billion. The ability to serve a vast audience at essentially lower costs than conventional classroom schooling, crucial growth in internet and Smartphone infiltration across India, and steady growth in disposable income of Indian families are the main development factors propelling EdTech in India.
The adoption of online learning through the use of technologies would intensify as it has never been seen before. In the coming decades, channels present in Indian markets aim to dominate the global audience. There will be offline colleges and institutions. The outbreak left people with a lot of free time and a lot of motivation but nowhere to direct it. They can all use this downtime to engage in their favorite activities thanks to online levels.
EdTech has such a huge success, and new users are joining the market every day. We congratulate all the Edtech companies for their success and we would love to see more growth in you.
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Top 5 Edtech company that has grown massively during this pandemic.
Byju’s
Bengaluru-based edtech startup BYJU’S, which is already the world’s most valued edtech unicorn company, is in talks to raise as much as $700 million in another funding round. The investment will be led by investors in the US and the Middle East. After raising new funding of less than $100 million from Silicon Valley investor and analyst Mary Meeker’s Bond Capital, the Covid-19 pandemic helped ed-tech firm Byju’s become a decacorn and cross the $10.5 billion valuation mark. Byju is quickly closing the gap to become the country’s most valuable startup.
Upgrad
Many ed-tech providers are experiencing an increase in traffic from online learners as schools and colleges close their doors as a precautionary measure against the Covid-19 pandemic. In reality, since the first week of March 2020, upGrad has seen a 50% increase in learners. Mayank Kumar, Founder & MD of upGrad, claims that the firm used to get 2,500 inquiries a day. This went up by 50% to 3,800 inquiries per day.
Vedantu
Vedantu, an online live tutoring website, has seen a huge increase in the number of subscribers, with the firm aiming to reach one million paid users by March of next year. The year 2021 has arrived, and the pandemic has had a significant effect on the market and the business. This was the year that the genre and its popularity skyrocketed. Since their default was to go to an offline tutoring or coaching center, the challenge was to make parents aware of and appreciate the format, as well as to gain their confidence in it.
Uncademy
Tiger Global and Dragoneer Investment Group, both headquartered in the United States, have invested in Unacademy, valuing it at $2 billion. The edtech startup’s value has increased by more than 40% in less than two months, as online education firms begin to draw heavy investor interest, aided by pandemic-induced demand for e-learning. The Bengaluru-based startup raised $150 million from SoftBank’s Vision Fund in September, valuing it at $1.4 billion.
Toppr
India’s ed-tech industry is expected to expand at a CAGR of 39 percent to $10.4 billion by 2025, from a market size of $2.8 billion in 2020. Toppr, one of the industry’s leading companies, has seen a significant increase in traffic, with 87 million monthly visitors to its app and website. The app currently has over 35 million monthly active users who use it for a variety of learning purposes. Toppr’s AI-based doubt solving feature, which has a massive database of 2 million questions, is a huge hit with students, solving over 9 million doubts each month. Though schools are closed due to the COVID-19 pandemic, Toppr’s Live Classes have grown by 330 percent in the last six months.
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