The EdTech sector globally has reached from $9 Billion in investment in 2017 to $16.3 Billion in 2018.
This rapid growth is the reason that investments in the EdTech industry are forecasted to grow at a rate of 17% per year. In terms of market value and startups in the Ed-tech sector, India is not far behind.
The Indian online education market is expected to reach $1.96 Billion by the year 2022. This growth presents many opportunities for entrepreneurs who are looking to plan a startup in a growing market.
Growth Opportunities In EdTech Sector In India for Entrepreneurs Planning To Start A Business
The present situation of the Edtech Sector in India is completely different from what it used to be 5-6 years ago. Growing demand for quality education and affordable high-speed internet plans have led to the rise of the Edtech Industry.
For instance, the majority of the present Edtech users were not willing to pay for e-classes a few years back. But things have changed now. Users, Investors, and aspiring entrepreneurs all have been contributing to the success of the Edtech sector.
Top reasons why you should choose Edtech Sector if you are planning to start a business
- Edtech is a billion-dollar industry and with advancements in technology, it is growing at rapid speed.
- Investors are willing to invest in Edtech startups because of the increasing demand for e-education.
- Huge Room for Innovation in Edtech Industry is still present.
- Availability of many Edtech Incubators and Accelerators.
Things you need to consider before starting your EdTech Startup In India
If you are planning to start your Edtech Startup, you must have the answers to the below-written points.
- What problem in the Education Sector are you solving
- The team needed to achieve the goal
- Your availability to your users
- Marketing and Growth strategy
1. What Problem In The Education Sector Are You Solving
You are on to your journey of success if your startup is solving an underlying issue in the education sector. Identify the problem your EdTech Startup will be solving, and work accordingly to solve the problem.
2. The Team Needed To Achieve The Goal
As a founder, you must be clear about the team you require, and also about their roles and responsibilities.
Read ‘How to select the right set of employees for your startup?’ to choose the best fit for your company.
3. Your Availability To Your Users
Make yourself easily available to the users. For that, collaborate with an educational institute or have your office location near a school or university. You can also get some feedback from students and you can test your startup idea on them.
4. Marketing And Growth Strategy
Once your startup is ready to function, spread the word about your new EdTech Startup on various media online and offline platforms. Build good sales and marketing teams. Keep on evaluating the sales numbers frequently.
Also, keep on learning and make adjustments as needed. Keep an eye on your competitors and improve your startup to grow consistently.
For some inspiration, here is the List of Some Renowned EdTech Startups In India.
Read about them, and maybe you get an idea from where to start.
Founder: Byju Raveendran
Investors: Verlinves, Chan Zuckerberg Initiative, Sequoia Capital, Sofina, Aarin Capital
Working: Byju’s is a household name in India in the Ed-tech sector. Byju’s is offering students world-class content. And according to them, their teaching techniques are copyrighted. Most of the instructors In Byju’s belong to some of the most prestigious institutes in the country.
Investors: Tiger Global and Accel
Co-founders: Saurabh Saxena, Pulkit Jain, Anand Prakash, Vamsi Krishna
Working: Vedantu provides 1-to-1 or 1-to-few live tutoring for students from class 4 to class 12 for both ICSE and CBSE boards across India. Their USP is a technology called WAVE (Whiteboard Audio Video Environment), which assists in producing a better teaching experience.
Founder: Surabhi Dewra, Love Chopra
Investors: Ronnie Screwvala, Vishal Gondal, Rajesh Tekriwal
Working: Career Guide counsels students and helps them in their career decision. The startup has been addressing the problems and challenges of students across the country and has a network of more than 1100 career counselors.
Co-founders: Phalgun Kompalli, Ronnie Screwvala, Ravijot Chugh, Mayank Kumar.
Working: Founded in 2015 by Ronnie Screwvala, UpGrad provides services to professionals who are looking to upgrade their skills.
Co-founders: Sachin Gupta, Gaurav Munjal
Investors: Blume Ventures, Nexus Venture Partners, Tracxn, Waterbridge Ventures, Sandeep Tandon, Ashish Tulsian
Working: Intending to provide all the education in the world for free, Unacademy provides lectures on Banking, CA, CAPF, UPSC and other competitive exams like CLAT, CAT, JEE, Pre-Medical.
Founder: Ruchir Arora
Investors: GirnarSoft, Man Capital
Working: This startup helps students to find the best university or college for further studies. College Dekho provides a listing of colleges, a listing of exams (category wise), along with news related to them.
Founder: Manan Khurma
Investors: Alphabet, CapitalG, Sequoia Capital, Unitus Seed Fund
Working: As the name says, CueMath provides math lectures from teachers having expertise in mathematics.
Incubators and Accelerators for EdTech Startups
The rise in the growth of the EdTech sector has garnered the interest of many incubators and accelerators. Now, they are willing to invest a huge sum of capital and their experience behind promising Ed-Tech ideas.
Some of the prominent incubators and accelerators in the EdTech industry are UIncept, Tec Labs, Seed Fund, Intel Education, etc.
Growth Forecast and Future of EdTech Market
As told in the beginning, India’s online education market is expected to touch $1.96 Billion by the year 2022. Both parents and students stress over quality education and which in recent times is provided mainly by the edtech companies. With the growth in technology, EdTech Startups are expected to launch some innovative products that will change how people learn.
And with access to students of the e-learning world, improvements are done daily. Whether it be interactive videos and textbooks, online and classroom discussions, exclusively customized learning modules, and content from some of the best universities, there are various e-learning options available for students.
Nobody wants to live an average life and only quality education helps in life improvement. So, if you have found the soft spot relating innovation in ed-tech, this is the right time for you to start an EdTech Startup.
Read our articles to stay updated with the startup ecosystem in India.