In 2020, the total worth of India’s Edtech ecosystem was estimated to be over $2 Billion Dollars. Data suggests that India is home to more than 4500 Edtech start-ups that are engaged in imparting education to millions of students online through a variety of modules and processes.
With India continuing to be a leading destination for FDI inflows into the start-up ecosystem, Edtech companies are making the most of attracting credible foreign investors looking to make the most of investing in this rising economy.
In this article, we look at the top six Edtech companies in India in 2023. We also discuss some factors that are contributing to the rise of the industry as a whole.
The Increasing Demand for Edtech Companies in India: What is driving it?
Education has always been a strong element in Indian families and society. With an education system spanning thousands of years, it is natural for Indian families to latch on to and show a preference for newer models of learning and education.
A bourgeoning middle-class population with access to cheap and affordable digital and tech infrastructure (smartphones and internet connectivity) has created a favorable ground for Edtech companies to flourish in the country.
However, experts are of the opinion that the Coronavirus Pandemic and its effect on compromised learning in schools is what has made the industry literally explode overnight.
Most parents are seeing how traditional schools have been slow to adapt themselves to online channels of learning and make the transition. As these enterprising start-ups already had their infrastructure in place, they were able to provide an alternative to parents worried about their kids missing studies and falling behind others.
List of the 6 Best Edtech Companies in India in 2023
BYJU enjoys the reputation of being India’s first Unicorn Edtech Company. In other words, it is valued at over a billion dollars. The company was founded by Byju Raveendran in 2015, as a way of giving online coaching to students from Classes IV to XII. Over time, it expanded its reach and presence to offer help and train students for India’s competitive examinations in the fields of engineering (JEE), Medical (NEET), Civil Services and more.
While Unacademy is the oldest company on the list, it did become popular only in the last few years. Founded by Gaurav Munjal in 2010, as a YouTube channel, the platform now boasts of having more than thirteen million learners and over ten thousand teachers on the platform. Unacademy has also attracted a lot of funding and is attracting investor interest. From banking examinations to Chartered Accountancy, the platform helps in professional exam preparations.
Ronnie Screwalla, one of the owners of UTV, a big production and media house in India founded UpGrad in 2015. UpGrad claims to use the latest in Artificial Intelligence and Machine Learning to help students clear doubts. It is one of the most exciting Edtech companies that has followed an aggressive policy of acquiring early-stage start-ups within its fold. Its tie-ups with leading colleges and universities for certification programs have been received well.
In a highly competitive Edtech ecosystem, Mumbai-based Toppr has been slowly but surely able to carve a name for itself. Its Founder, Zishaan Hayath says that Toppr tries to keep things simple and basic and create a holistic learning ecosystem for the child. This includes performance reports, individual feedback, K12 professional development and more than 10000 combinations for K 12 syllabuses & courses. You also get help for entrance examinations and Olympiads.
The dark horse in the list and one that is slowly becoming a favorite of investors is Vedantu. While it has been around for a long time, Vedantu’s recent IP patent application for understanding the effects of online learning is what has set the cat among the pigeons. Over time, Vedantu has been able to bring on its platform, more than 500+ teachers. Also, stretches its accessibility to over a thousand plus cities in over thirty countries.
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The Bottom Line
There are plenty of challenges that Edtech companies have to face in India. The threat from every popular tuition teacher is still there. However, most experts suggest that Indian edtech companies need to shed their cash-burning models. Especially on the awareness generation front and try to become profitable.
What do you think of Edtech companies? Do you think they will remain with us for a long time, or disappear in the next few years? Drop your answers in the comments section below.
Shahid Shahmiri is a digital marketer who helps online businesses grow with smart marketing tactics to improve sales and leads. He is passionate and driven to grow businesses online and is responsible for analyzing marketing, SEO, growth and managing promotional and media channels.