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A Review on Indian EdTech Industry 2021

A Review on Indian EdTech Industry 2021
January 13, 2021

A Review on Indian EdTech Industry 2021

Jan 13, 2021
Devyani Paliwal
Devyani is an ACJ graduate with a bachelors in English Literature. A voracious reader since her school days, cinema aficionado and music enthusiast, she has been doing content writing for some time now.

The advent of change is accelerated when circumstances such as a pandemic enter the picture. This is the reason why, something that is to be shocked but seemed plausible as well, happened in 2020. According to reports, the Edtech sector was able to procure the maximum amount of funding, beating all other sectors. They raised around 30-40% more than they did in 2019. The majority of it, however, was invested in Edtech startup giants such as Byjus and Unacademy, which were already doing pretty decently in the market. Thanks to the pandemic, maybe the education system has been changed forever and it might end up revolutionizing it.

Continuing the foundation laid by the previous year, the Edtech sector is only supposed to flourish and get even bigger in 2021. Classroom teaching is going to see many changes in the coming years. As mentioned earlier, a change that was looming on the horizon has only been preponed due to the pandemic and the many measures which were taken to make education as accessible as possible. From online classes to learning management systems to the incorporation of machine learning and AI, the Edtech industry has got a lot in store for this year.

Current Scenario

On a global level, the leading Edtech companies are India’s Byjus’s, China’s Yuanfudao, and United States’ 2U. These are not fixed only to the educational part of teaching but have expanded into the different technical aspects of the business as well. Reports are suggesting that in this year, the consumer base of such companies could reach 9.6 million with a market share of whooping 1.96 billion dollars.

From the get-go, these companies are dependent on technology and automation to run their websites and app, basically the business. CRM is used for the enrollment process of students while learning management systems are for the upkeep and smooth working of courses and tutors. While these are just two examples when it comes to the managerial aspect of it, the courses themselves have been designed using technologies to keep the students engaged such as gamification and recently, the introduction of AR and VR.

Types of Edtech Businesses

More than types, it is more about the different technologies the Edtech companies are using to make education easier and more enjoyable for the students.

Immersive Technology

Using 3D printing tools, one can learn how augmented reality and 3D printing works. These can then be used to learn mathematical equations and related content in a much simpler manner.

Coding & Technology

There are tools which young kids can easily learn coding from a young age so that their skills only enhance as they grow older. Other skills that can be learned are testing, spatial reasoning, and algorithmic thinking.

Early Childhood Learning

There is a studio that is making different apps to break down issues related to health, social life, and sustainability, and making it interesting for them to understand for little children. This helps not only them but also their parents in building a strong foundation for their kids.

These are a few examples of how many different types of technologies have been developed to help children get the best out of the education system. There are no limitations any more, with more and more such technologies getting developed every day.

Upcoming Trends in 2021

Gamification of Lessons

Games have never ceased to intrigue and encourage children. If learning can be converted into levels which they can cross to earn badges and have a healthy competition with their peers, it will only boost their skills. Primarily, it will help them to systematically gain mastery over various topics.

Student-Centric Courses

Rather than children having to adapt to the syllabus and build their timetable around it, the syllabus will adapt according to them. In this manner, the children will be in charge of how much and what all they take on and essentially be responsible for their education.

Use of Immersive Technology

The usage of VR and AR is only going to go up this year as it is the perfect amalgamation of education and entertainment. Experiential learning and the fact that it is much more interactive makes it all the more effective.

Behavioral Insights using Technology to Get Better Results

Using behavioral insights of different students, software are being or have been developed, which will help in getting much better results. These will enable companies to focus on where exactly the student faces an issue and focus more on that to make the learning experience more smoother and fulfilling.

Alternate Learning

These are unconventional methods of learning which are different from the classroom-students-teacher routine. They include but are not restricted to open classrooms, no set patterns or syllabus, and a more comprehensive student-teacher bond.

These are just a few examples. As more and more new things enter the Edtech sector daily, it only depends on how effective they are before they become a trend, naturally. Therefore, these are some which have shown promising results but it remains to be seen how these and many others will be adopted this year.

Major Indian Edtech Players and How They are Faring

Byju’s

  • Product / Service: Online Tutoring Firm
  • Year of Establishment: 2011
  • Founders: Byju Raveendran
  • Funding: Received seed money from Arian Capital in 2013 and over the years, has secured it from various companies such as Sequoia Capital India, Chan Zuckerberg Initiative (CZI), Tencent, Sofina, Lightspeed Venture Partners, and others.
  • Current Business Volume: Rs 14,000 crores ($1.9 billion) (as of Oct, 2020)

Unacademy

  • Product / Service: Online Education Technology
  • Year of Establishment: 2015
  • Founders: Gaurav Munjal, Roman Saini, and Hemesh Singh
  • Funding: Secured it through investments from companies such as General Atlantic, Facebook, Flipkart, Nexus Ventures, and others.
  • Current Business Volume: Rs 10,000 crores ($1.45 billion) (as of Sep, 2020)

Vedantu

  • Product / Service: Online Interactive Teaching
  • Year of Establishment: 2011
  • Founders: Vamsi Krishna, Pulkit Jain, Saurabh Saxena, and Anand Prakash
  • Funding: Accel Partners and Tiger Global Management (Series A), Omidyar Network, and existing investor Accel Partners (Series B) and Coatue.
  • Current Business Volume: Rs 1,200 crores ($200 million) (as of July 2020)

Educomp Solution

  • Product / Service: First Edtech Company of India
  • Year of Establishment: 1994
  • Founder: Shantanu Prakash
  • Funding: A private equity firm specializing in investments in the lower end of the middle market, Gaja Capital.
  • Current Business Volume: Rs 490 crores ($75 million) (as of July 2018)

Cuemath

  • Product / Service: After-School Math Excellence Program for Children
  • Year of Establishment: 2013
  • Founders: Manan Khurma
  • Funding: Sequoia (Series A), CapitalG (Series B), Manta Ray (Series B), Trifecta Capital (Series B), LGT Lightstone (Series C).
  • Current Business Volume: Rs 14 crores ($2.2 million) (as of Nov, 2020)

Conclusion

The education sector is one that needs to constantly keep redefining itself to reach the maximum number of students. Be it, children, teens, or adults, this implies to everybody. High-speed internet coupled with the people’s search for accessible knowledge has resulted in a rapidly growing Edtech sector. But certain issues such as the digital divide, unequal access to quality internet, and people in many regions lacking the basic equipment to avail online knowledge need to be steadily worked upon and slowly done away with.

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