Edtech platforms have completely transformed the way Indian parents perceive education. It has changed things considerably for the better. Advanced technology will bring about the next significant transformation in the field of education.
Edtech businesses are addressing economic hurdles in addition to the geographical restrictions in India's current educational system. They can offer teachers from around the world and students in India an entirely decentralized and democratic environment for learning, thanks to new developments. Undoubtedly, the industry is growing in leaps and bounds, taking significant measures one after the other to stay ahead of its time.
Let's explore some of the latest happenings in the education sector in October.
Latest in Edtech in October 2022
More intriguing than ever before the edtech sector. In the last two to three years, the number of startups in the industry has dramatically increased, with numerous new firms flooding the market. Here are a few latest happenings that took the Edtech industry by storm, taking it a notch higher.
Businesses across India are turning to companies like Coursera and Udemy to train personnel due to the requirement to upskill the workforce to match fast digital transformation.
The most in-demand courses frequently focus on machine learning (ML), artificial intelligence (AI), and other cutting-edge technologies.
To help young firms in the sector take their companies to the next level of growth, the Center for Innovation, Incubation, and Entrepreneurship at NIIT University convened the EdTech Growth Summit.
Its program supports and enables potential edtech firms after consultation with investors and industry experts. Startups can participate in informative knowledge sessions, workshops, financing possibilities, and one-on-one mentoring by prominent professionals through this program.
The program aims to give early-stage edtech entrepreneurs a distinctive and transformative experience because it is uncommon for the most influential figures in the industry to assemble on a single platform.
IAMAI-affiliated self-regulatory organization India Edtech Consortium (IEC) said that in FY22, its member businesses invested $3,500 crore in teaching faculty development, content, and pedagogy.
Based on self-reported data, the IEC estimated that during FY22, its member organizations spent over 3,500 crores on improving the entire learning environment, which consists of instructors, material, methodology, and faculty.
According to a national poll of more than 700 instructors, 86% of teachers say that the advent of Edtech companies has increased their work options, and 82% believe technology has improved their teaching ability.
The India Edtech Consortium (IEC), a self-regulatory organization established under the auspices of the Internet and Mobile Association of India (IAMAI), polled teachers to gauge the effectiveness and standard of education that the country's Edtech enterprises are promoting. In this poll, the degree of job satisfaction that teachers reported in the challenging Covid and post-pandemic years was also assessed.
An investment round led by WestBridge Capital netted $35 million for the government test preparation platform Adda247. With participation from previous investors Info Edge (India) and Asha Impact, Google joined the round as a new investment.
The firm said in a statement that Adda247 would use the funding to raise awareness of its technology and products, grow its team of student counselors, and hire for certain crucial leadership positions.
From previous sponsors, Byju's has secured $250 million in new capital. The business, with its headquarters in Bengaluru, was valued at $22 billion in the latest round of fundraising, the same amount at which it secured funds in March of this year.
In addition to preparing students for undergraduate and graduate-level coursework, Byju's has recently enlarged its catalog to accommodate all enrolled students. On Byju's app, tutors explain complex concepts using everyday items like pizza and cake. According to the business, more than 150 million students use its services.
The number of users on upskilling edtech platforms has increased as the demand from businesses for qualified developers and data scientists are at an all-time high. The fact that working professionals can study web development and data science courses whenever it is convenient for them without taking time away from their jobs is another factor driving up demand.
The fundamental issues that the education sector faces are not specific to one field but result from various factors, from technological and infrastructure-related to behavioral. Thus, to create a suitable educational infrastructure and delivery system for inclusive learning, edtech businesses must collaborate with public and private educational institutions.