The untapped potential of the Indian Edtech Industry
Most of the sectors, whether it is the aviation sector or the Automobile sector are facing major losses due to the lockdown. But in such a situation, Online Education start-ups have benefited immensely. The schools and colleges have been shut down resulting in the discontinuation of education. The only medium to bridge this gap is through Online Learning. The investors found a scope and started investing in edtech companies.
India's edtech industry is the second largest in the world after the U.S . Between the year 2014-2019, about 4,450 edtech startups were launched in India. These startups provided tutoring for all streams, including K-12, undergraduate courses, vocational courses, and competitive exams. One of the most popular edtech startups in India is Byju’s. Other well-known names include Unacademy, Vedantu, Toppr, and Doubtnut.
As months before the national lockdown happened, every educational institution of India was ordered to shut down as a measure to stop the transmission of the virus and flatten the curve. But the lockdown kept extending, and the date to reopen the institutions is still nowhere near. The schools and colleges realised they needed to rethink their method of teaching so as to continue the flow of education to students, and so, they went to eLearning.
The number of Edtech companies are increasing every minute. In March, Byju’s saw an increase of 6 million new students for free lessons on their platform, while Unacademy recorded 1 billion watch minutes. Another well-known brand Toppr saw 100% growth in free user engagement in March. India has been leading the shift to eLearning in the whole world. The education sector is considered to be a very huge market, but its online presence is still at a very early stage. This is because investors are wholeheartedly exploring these opportunities in this new and strange market with a presence of remarkable potential.
Not only content providers but this scenario has helped us in recognising the software service provider as well. Once the content is ready the next requirement is an online medium to deliver the content to the needy users via the web and mobile applications. The software service providing companies like classplus and Knorish has received a series of fundings from investors. These companies have provided a major help to the teachers who were looking for a way out to reach their students.
Despite coming up with these super-advanced innovative and impressive solutions for online learning, edtech startups still are not able to properly reach the full potential of the Indian market because of the ever-increasing digital divide, as the issues of quality and equality are still prevailing in India. There is also a very misplaced understanding of the use of these technological gadgets. Excessive time spent on these gadgets or overuse of these methods often leads to various unpleasant results. Online learning, when done in moderation and with guidance, can help unlock the potential of each child.
Edtech startups have huge potential in the future, as Covid-19 has given a little push to the people towards eLearning. Now people have started to realize the convenience and the benefits of eLearning. After Covid-19 life won’t be the same. The new normal life will include digitalization to the fullest, thus creating a huge scope for edtech companies.