WHAT’S DRIVING EDTECH INDUSTRY IN INDIA?

 Introduction

Over the past two three years there has been a rapid growth in edtech sector with firms attracting investors for fundings. There are numerous unicorn startups in the sector with huge valuations exceeding $1 billion. Bu the key question that arises is what are the factors that are driving the rapid growth of edtech sector in India.

Let us try to understand why this sector is becoming so lucrative.

Availability & affordability of internet and mobile devices

India has one of the most economical data charges in the world which has led to the penetration of internet and mobile phones even in the rural areas of the country and has revolutionised the way people interact and access information for learning and growth. Lower data charges and rapid penetration of mobile phones has been a significant factor in the boom of edtech industry in India.

Covid-19 Pandemic

Covid-19 has catalysed the rapid development of online education. Lockdown has led to the growth in propensity of students to learn and educate from the convenience of their home through several educational portals. 

After the time of pandemic, the education industry and traditional value chain have undergone a significant transformation, from higher education and executive education levels. It led to a surge in demand for EdTech and associated talent development services.

As a result, the EdTech industry, which offers digital learning management systems, massive open online course platforms, and other distance learning solutions, has started snowballing. The trend continued and even grew after the pandemic. 

Personalised learning with comfort and flexibility

Most of the students, teachers, working professionals find online education/learning very comfortable and convenient which also offers flexibility to learn at your own schedule and pace as every student has his/her own pace of learning, and it is impossible for the teacher in physical classroom to take care of each one in the class and give personalised attention.

Support of Govt. policies

Focus of government on growth and development of edtech industry has also been one of the factors for massive investment in the sector. Emphasis on digital education, investment in edtech startups and policies such as National Education Policy (NEP) 2020 that encourage increased use of technology in education and digital education resources. Permitting 100% Foreign Direct Investment (FDI) in education sector is also one of the factors that attract foreign investors.

Thanks to the COVID-19 outbreak which resulted in a compulsory total lockdown in many countries including India, India is blessed with many Edtech companies. Let's take a look at some of them.

CLASS PLUS

Founded in 2016, Classplus has quickly become one of the leading edtech startups in India with a mission to provide quality education to students all over the country.

WHY THEY SUCCEEDED

- Customer obsession

Customer satisfaction has always been one of the factors that led to ClassPlus' success.

The company makes sure the users of their platform enjoy a superb user experience which has immensely contributed to their success in the industry.

- Quick decision making

Not wasting time on making decisions, especially during crucial moments has placed the company at the top of the rankings in India.

- Founder obsession with usage data

Data-led insights are quickly validated by at least 10-15 folks calling teachers; & user-led insights are quickly validated by crunching numbers, which is impressive and what other start-ups should strive to emulate.

BYJU'S

Byju's is an Indian multinational educational technology company, headquartered in Bangalore, Karnataka, India. Launched in 2015, Byju's is an education tutoring app that runs on a freemium model with free access to content limited for 15 days after the registration. It offers educational content for students from classes 4 to 12. It also trains students for examinations in India such as IIT-JEE, NEET, CAT, IAS, and international examinations such as GRE and GMAT.

WHY THEY SUCCEEDED

- Ability to work on the syllabus of various schools

The company incorporates the syllabus of various schools into their platform which makes students from different academic levels and schools able to use the platform.

- Combination of game techniques with learning

A clearcut and significant reason why BYJU'S succeeded is their ability to combine game techniques with learning. Students, especially children love games and when they are incorporated in learning, they learn faster.

- Easy-to-use user interface

BYJU'S provide one of the best user interface in the industry. The learning platform is highly inviting and pretty easy to navigate which enhances learning.

- Freemium Business Model

The platform presents a Freemium Business Model to their users which has helped to achieve both free and premium services.

- World-class customer service

The customer service personnels are always active, attending to users' complaints.

BRAINLY

Another Indian Edtech startup is Brainly. Brainly provides a knowledge-sharing community where 300 million students and experts put their heads together to crack their toughest homework questions.

Brainly aims to help students with curriculum-related, specific questions, unlike most edtech startups in India that focus on test preparations and personalised learning programmes. Students connect to their peers to help strengthen their skills, from mathematics and science to history and more.

WHY THEY SUCCEEDED

- Creating a collaborative community

A collaborative community like Brainly's is second to none. The company allows a collaborative environment for both teachers and learners.

- Incorporation of machine learning in education

It's the artificial intelligence age and Brainly has leveraged on this to present the best learning environment for students.

- Leveraging profitable investments

The business partnerships between Brainly and other companies including General Catalyst Partners, Point Nine Capital, Runa Capital and Learn Capital has obviously increased the company's ROI.

- Prioritization of customer satisfaction

At Brainly, customers' welfare is their satisfaction. The user interface is inviting and navigable. Little wonder they have more than 350 million paying users.

In conclusion, among other factors, it is obvious that Edtech companies gives high prominence to the satisfaction of their users w users which underscores the fact that without users, they cannot exist or succeed.