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The pandemic trumped all businesses except edtech. While businesses were changing their processes to adjust to the chaos caused by COVID-19, edtech startups geared up for their moment under the spotlight. Thanks to their services like online coding classes and K-12 coaching modules, these startups witnessed a flood of users, funding, and stakeholders like never before. Its impression on society was so massive that in 2020 alone, the edtech industry attracted $1.4 billion in funding
Besides funding, Indian edtech giants like BYJU'S and Unacademy led major mergers and acquisitions. Unacademy acquired CodeChef, PrepLadder, Mastree, Kreatryx, Coursavy, and NeoStencil whereas BYJU'S acquired LabInApp and WhiteHat Jr. Owing to this growth, the edtech market in India is estimated to reach $10.2 billion in the coming five years.
As the COVID-19 situation still persists in India, edtech startups are taking advantage of the situation with unique service offerings in an engaging way that will keep the eyeballs glued.
With strong business and revenue models, here are the 10 startups that are unlocking their potential to serve the industry.
Founded in 2016, this Bengaluru-based startup is a gig-workforce training platform. Awign Enterprises undertakes on-the-ground and digital core functions like operations management, auditing, due diligence, new business development with a team of more than 650K highly trained gig partners in Pan India.
Moving away from the industry norms, Awign Enterprises charges its customer only when the job is done and not according to man-hours. Since March 2018, the company has claimed to have grown 30 times having completed over 5 million tasks to date. Currently, the company has its presence in more than 9000 pin codes across 400+ cities in India.
This Delhi-based startup was founded in 2018 with an aim to digitize the tuition system in India. Classplus empowers teachers through a mobile-first product that allows them to share messages, homework, online tests, and video lectures with their online students. With digital payments and ease of tutoring, Classplus saw a surge of 200K+ users on the platform. Since last year, the company has grown 10 times its initial worth with a few users from neighboring Asian countries as well.
Doubtnut is a Delhi-based startup that offers multilingual online learning. The company uses image recognition, NLP, and machine learning algorithms for its video-based solutions as a response to student's queries. For being able to deliver answers in vernacular languages, Doubtnut uses the data shared by almost 2 million daily users in the form of live classes, notes, and tests. Since the company has monetized its business only in 2020, in this short span the company lodged 10x revenue growth.
Another edtech startup hailing from Bengaluru, Masai School has entered a $3.1 billion worth software development market with an aim to train beginners and experienced professionals. Currently, this startup only has two programs, one for beginners who know nothing about coding and the other for experienced coding professionals. Masai School follows an Income-sharing Agreement model which means students don't have to pay any tuition fee till they bag a job with a package of at least INR 5 Lakh per annum.
There is a catch though, according to the company, students pay back the fee amount of INR 3 lakhs through 15% of their monthly income for 36 months. The company currently has 450 students and during the past 10 months, it has managed to triple its user base, across 25 Indian states.
Unlike Masai who has software courses for beginners, Pesto's target audience is developers across India with at least 2 years of work experience. Pesto also follows the Income Sharing Agreement model where the fee is paid later from the candidate's salary. Throughout last year, the company had not altered its business model but now wants to shift focus towards the international market. This adds to the fact that Pesto Tech is currently present in 25 states in India.
Practically is a Hyderabad-based edtech startup that was launched in April 2020. The startup uses next-generation interactive methods like augmented reality, simulations, and 3D videos to teach. What makes Practically different from other learning apps is the fact that it enhances conceptual understanding and improves retention of concepts by using life-like video content, hands-on learning, experiential learning, live classes, and AI assistant.
Practically was recently named TiE50 Award Winner at TiEcon 2021, and was awarded the EdTech Startup of the Year at Startup Awards 2021 by Franchise India and Entrepreneur India magazine. The startup was also adjudged the Most Innovative STEM Solution by Elets Digital Learning magazine at the World Education Summit 2021.
Amidst the chaos caused by the pandemic, teachers were having a tough time engaging students into learning with technology that was difficult to grasp. Edtech startup Quizizz has an easy-to-use platform that provides a solution to puzzled teachers. The platform uses gamification and analytics to make learning fun. During the last few quarters, the startup saw a gradual increase in users and now serves more than 65 million monthly active users across geographical areas. Based out of Bengaluru and Santa Monica, Quizizz has a presence in over 150 countries around the world.
Skillmatics is a direct-to-customer edtech startup based out of Mumbai. The company develops innovative educational products and games designed for children's core skills. To date, the company has sold approximately 3 million toys and games globally. It's interesting to note that Skillmatics claims to be the first-ever Indian brand to be launched across 10,000 US retailers like Walmart and Target.
The preparation market for government jobs in India is valued to be at $5 billion and Testbook is an edtech startup that caters to this audience. The company has claimed that it currently serves close to 90 million applicants each year with a big success rate. The startup claims to improve exam scores by 53% and selection rate in government exams by 7%. It follows a freemium model where 15% of the content on the platform is available for free and online mock tests are available at a yearly subscription fee of INR 700.
Saving many private tutors from going out of business in the pandemic, Winuall provided them a platform with the necessary tools that allowed them to teach remotely. The company charges a subscription fee from tutors and allows them to sell their services and courses on the platform. During the last 10 months, Winuall has seen 50x growth in terms of new customers.
