Project Report on

Growth of EdTech Industry during pandemic

in India

Amrita Pasari (2021MBA072)

Anukriti Soni (2021MBA071)
Manuj Goel (2021MBA084)
Preeti Joshi (2021MBA061)
Shantam Choubey (2021MBA091)
Somesh Gautam (2021MBA086)

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Executive Summary
Traditional teaching methods are increasingly being replaced by online education. Even a
first-grader today knows how to use a computer and can quickly access websites that are
relevant to him. Technology has improved, and the education industry is seeing a growing
number of advances. This tendency has provided students with numerous opportunities.
Technology has made education available to pupils who are located in rural locations and are
uninformed of educational advancements. The use of technology has brought students,
educators, and everyone else involved in education closer together. Students may now access
tutoring and study materials online without having to pay a lot of money, and they can also
get help with their homework.
This report serves a variety of functions and will appeal to a wide range of people. It will
assist creators of Edu-tech startup enterprises in better strategizing while taking into account
all of the challenges raised in the research. The report will assist them in comprehending new
patterns and the likely future implications of such trends. Investors will benefit from learning
how organizations should be appraised in order to have a bright future. They will benefit
from the report in avoiding ineffective investments. Furthermore, the study will be extremely
useful to individuals who are planning to create a new Edu-tech company. This research is
primarily concerned with current trends in the Edu-tech industry, and it is backed up by a
number of databases, market analyses, and surveys.
This report derives its facts from peer-reviewed articles from trusted sources like Google
Scholar, Springer to understand the factors affecting this rise and what the future holds. The
data trends for analyzing this rise are observed directly from newspaper articles and Stattista.

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Rise of EdTech in India
Following the COVID-19 episode, web based learning has become progressively essential in
individuals' lives. Because of the plague, schools, colleges, and organizations have been
compelled to work from a distance, bringing about a flood in the use of internet learning.
Exploration and Markets guessed that the web-based schooling business sector would be
valued at $350 billion by 2025 even before the pandemic, accordingly the figures could
change in the wake of assessing the impacts of COVID-19 on the business' development.

The nationwide lockdown was so sudden to force every institute to online medium. Those
institutes which could respond quickly and adapt to the new mode could sustain. There was a
requirement to respond to the increasing needs to target, the students faced problems of
continuing with their studies, whereas parents found some growing concerns regarding the
free time that students had. Responding to both the needs, many ed-tech companies come up
with not only the basic academic curriculum but also additional courses to learn, such as
music, coding, art and dance etc. This led to an increasing trend of vocational courses.

In regards of startup emerging in 2020, it's worth noting that India presently has roughly
4,762 EdTech startups, 435 of which were founded during 2019 and 2020. Skillovilla
(established in May 2020) is a platform for professionals and students to improve their skills.
Filo (established in November 2020) is a live upskilling framework for youngsters, and
BeyondSkool (formed in August 2020) is an instant doubt-clearing framework for math,
science, IIT, NEET, and CBSE coursework, among other EdTech firms.

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About the Market
Growing internet penetration and the availability of lower-cost smartphones with low-cost
data plans created a need for quality education delivered through various learning platforms.
Prior to the pandemic, the majority of digital adoptions occurred through Massive Open
Online Courses (MOOCs), distant education, and job seeking.

Following the emergence of the Covid-19 epidemic, which resulted in the closure of
institutions and a greater acceptance of online education, demand for EdTech goods
skyrocketed. As a result, the EdTech sector as a whole has experienced exponential
expansion in terms of user base, investment intake, and acquisitions.

Udacity and Lynda and Udemy and Coursera are only a couple of the large numbers of
individuals who utilize internet learning frameworks. The stages are additionally impacted by
various client verticals. Coursera takes into account scholastics by giving admittance to
college courses, while Skillshare offers programs in way of life, liveliness and photography.
By offering on the web courses, top-level colleges are additionally democratizing schooling.
Stanford University and Harvard University both deal online courses in software engineering,
designing, science, business, craftsmanship, and self-awareness.

These figures highlight one end: individuals need to learn on the web. This prerequisite and
fast development of the area with an enormous variety of stage opportunities for different
gatherings of individuals might be clarified by the quick changing of the world. "The greatest
issue for students is to sort out the thing abilities are arising, what they can do to contend best
in the worldwide economy," says Udemy president Darren Shimkus, talking at the
organization's new $50 million financing round. We experience a daily reality such that
things change so quick that abilities that were esteemed three or four years prior are presently
not important. Individuals are confounded and dubious with regards to what they ought to
realize." Online learning is turning out to be progressively famous as of now. Right now, web
based learning is ending up a strong impetus for individuals and organizations to accept this
quick change in the globe.

While the digital education market has 1.6 million paid users in 2016, it is expected to grow
to 9.7 million by 2021. (KPMG, 2019). The following statistics depict the magnitude of
investor increase. In comparison to the preceding four years' investment of US$ 1.4 billion,
the sector has experienced a total value of £ 2.1 billion in the calendar year 2020.

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Benefits of Online Platform
These internet learning organizations all have a ton of client information, so they can apply
AI calculations to further develop individuals' learning designs. AI calculations utilize design
acknowledgment to customize content for every client.
Fast input circles given by other internet based understudies or the actual stage help to speed
up the expectation to learn and adapt. This likewise makes it simpler for modest or hesitant
individuals to take part in class conversations than they would in eye to eye gatherings.
Another key benefit is the time reserve funds. Individuals can scale themselves by
organizing their schedules such that suits them. Subsequently, business people have a
gigantic chance to quickly foster their insight resources. " It's more critical than any time in
recent memory to keep steady over the most recent improvements in the web based learning
industry, which is developing at a quick speed. Business visionaries might look for brains,
training, and fulfillment modified to assist them with scaling their organizations rapidly. "For
those that exceed all expectations, this is a unique chance," says Javid Niazi-Hoffmann, a
conspicuous instructing advisor from Germany who has faith in the force of web based
learning.
The valuing design of web - based learning is another element contributing towards the
market's fast development. Since there are no transportation costs and numerous essential
course materials, like reading material, are accessible free of charge download, e - learning
are less expensive than traditional ones.
Internet learning has all the earmarks of being the method of things to come, and it will
definitely supplant conventional study hall learning. More individuals are taking utilization of
internet learning because of versatile stages, which has brought about a huge volume of
information. This information was then utilized by AI to produce modified course content
arrangements. More highlights in the web based learning framework are wanted to create
later on, like VR/AR calculations to democratize learning.
Web based learning permits instructors to give illustrations to understudies all the more
viably. Educators can utilize various web learning devices into their example plans, like
recordings, PDFs, and webcasts. Expanding the illustration plan past informative texts to
incorporate web locales can assist educators with turning out to be more proficient teachers.
One more benefit of e-gaining is that understudies can go to classes from any place they
want. For future reference, online talks can be recorded, saved, and shared. This empowers
understudies to get to instructive materials at whatever point it is generally helpful for them.
Understudy Attendance is Improved: Because online classes can be taken from home or
elsewhere, people are more averse to skip classes.
Every individual has their own learning climate and learning style. A few understudies like
to concentrate outwardly, while others like to learn through music. Additionally, a few
children flourish in a homeroom climate, while others decided to work alone and observe
huge gatherings diverting.

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 With its assortment of choices and apparatuses, the web based learning framework can be
redone in an assortment of ways. It's the best procedure to establish the best learning climate
for every student.

Current Market Trends of EdTech Industry

This report can be used for a variety of purposes and will appeal to a large audience. It will
aid developers of Edu-tech startup businesses in better strategizing while taking into account
all of the research's problems. The report will aid them in deciphering new patterns and their
anticipated long-term ramifications. Investors will benefit from knowing how to value
businesses in order to ensure their long-term success. The report will assist them in avoiding
useless investments. Furthermore, the research will be incredibly beneficial to anyone who
are considering starting a new Edu-tech company. This study focuses on current trends in the
Edu-tech business and is supported by a number of databases and market evaluations.

While the virus outbreak has affected many businesses, the virtual learning industry is among
the few that is fully operational. Substantial advancement has been achieved in the Indian
EdTech market to solve the issues of teachers and students, from a conventional to an online
classroom. Because these innovations and technologies were not generally used prior to
COVID-19, several commercially available technical advancements have recently received
widespread acceptance in academic organizations to ensure that the educational stream is not
disrupted. In the classroom, the bond between an instructor and a pupil is substantially
stronger. In recent years, virtual courses have altered the landscape.
Smart classrooms make instruction easier and more accessible to students in a manner similar
to that of a real classroom. All competitive tests have begun, and students can take advantage
of the opportunity to practice in front of their peers. This has a direct impact on the
educational field. Teachers are unable to teach in classrooms due to training and school
closures (Tripathy and Devarapalli 2020). Laptops and smartphones are the only options
available to students. During the emergence of the epidemic, ed-tech companies have grown
at an exponential rate. Byju has begun to spread free material through viral marketing and has
added 7.5 million new users to its website. Vedantu, Toppr, and Unacademy are among of the
other companies that have witnessed 3 9 developments. This expansion comes as no surprise.
And besides, India's student population reaches 1.5 billion, and in this situation, they have
nowhere to go (Tripathy and Devarapalli 2020).

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Trends in Industry

Funding of ed-tech focused on startup

Indian EdTech new businesses raised more than $1.44 billion out of 2021. Because of
the COVID-19 pandemic disturbances and following lockdowns, the two guardians and
instructive foundations were constrained to carry out tech-empowered learning arrangements,
making EdTech the most all around supported area in the country. With 56% of the absolute
assets raised, Biju's starts to lead the pack, trailed by Unacademy (11.5 percent) and Vedantu
(11%) (8.5 percent). Four Indian EdTech new companies have been unicorns beginning
around 2020 (UpGrad, Eruditus, Unacademy, and Vedantu), and one has turned into a
decacorn (Biju's). A unicorn is an organization worth more than $1 billion, while a decacorn
is an organization worth more than $10 billion.

E-learning in higher education

(Mathivanan et al., 2021)

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Market size of educational technology in India in 2020, with projections for 2025, by
segment (in billion U.S. dollars)
Size of the EdTech market in India from 2020 to 2025, by segment

K to 12 Test preparation Online certification

Skill development Total
Market value in billion U.S. dol-

12 10.4
10
8
6
lars

4.3 3.99
4 2.8
2 1.16 0.8 1.38
0.58 0.26 0.73
0
2020 2025*

Gamification and rise of edutainment

EdTech new companies are progressively joining gamification into their items.
Leading EdTech organizations have made learning games and riddles to make it more
straightforward and more engaging for understudies to fathom ideas. Kiddopia, Kutuki Kids
Learning, TinyTapps, Enguru, and Lido Learning, for instance, have consolidated intuitive
recordings and music to make learning more pleasant. In light of one exploration, over 70%
of all understudies felt that gamification programs are substantially more fascinating than
traditional models.

A hybrid EdTech industry

Experts believe that EdTech companies will adopt a mixed-channel strategy in the
future. Online players are striving to establish offline connections for students. For example,
Byju's Learning Center, a novel hybrid concept that permits students to attend lessons at
physical education centres, has been piloted by EdTech decacorn Byju's.

Key Drivers
Important Factors

India's web infiltration is expanding at an outstanding rate.

As per the IAMAI-Kantar ICUBE 2020 report, India has 612 million dynamic web clients in
2020. This number is relied upon to move by 46% to 950 million by 2026, on account of
increasing reception rates in rustic India. Two out of each five dynamic web clients in India
live in small towns. An astounding 67 percent of dynamic web clients live in urban areas.
As per the Annual Status of Education Report (ASER) 2020, cell phone infiltration among
government school understudy families moved from 30% in 2018 to 56% in 2021 while cell
phone entrance among non-public school undergrad families moved from half to 75%.

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Government schemes driving the Indian EdTech Industry
Obviously The Indian EdTech business is relied upon to turn out to be more approach
agreeable before very long because of more noteworthy government consideration. The
National Education Policy 2020 stressed the significance of producing learning content in
local dialects, just as the need of coordinating innovation in instructive arrangements. The K–
12 age bunch can possibly extend later on.
The EdTech market in India is developing at a fast speed, with specific premium in the K–12
section, as COVID-19 lockdowns have obstructed instructive foundations' action. As per
Tracxn, an information examination business, Indian EdTech new companies have brought
$5.77 billion up in subsidizing hitherto in 2021. K–12 schooling experts were answerable for
$99 million of the absolute assets raised. Starting around 2018, a greater number of than
4,800 K–12 EdTech new companies have been sent off around the world, with 1,780 in India
alone. They offer membership bundles with courses that cover a specific arrangement of
themes for each class.

Man-made consciousness (AI), AI (ML), increased reality (AR), and augmented reality (VR)
won't supplant educators in the study hall; rather, they will furnish them with fundamental
instruments and stages to guarantee viable in-class schooling

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Recent activities
January – Teachmint Teachmint, a company that assists instructors and institutions in
October creating their own virtual classrooms, has secured $78 million in
‘21 Series B funding. The company is now valued at $500 million
thanks to a new round of funding.

Byju's purchased three big businesses:

August Byju’s
‘21  For $500 million, Epic, an online library for children
under the age of 12, was purchased.
 Great Learning, a Singapore-based online professional
and higher education company, was purchased for US$
600 million.
 For $150 million, Toppr, an after-school learning
platform, was acquired.

June ‘21 Classplus Classplus, an Ed-Tech startup, accumulated a value of US$ 65

million in a Series C round led by Tiger Global Management.

April ‘21 UpGrad UpGrad is a corporation that provides online higher education. It
provides over 100 courses in conjunction with universities
throughout the world. Temasek invested US$ 120 million in the
company.

April ‘21 Doubtnut SIG Global and Lupa Systems have invested around $30 million
in Doubtnut, a K–12 EdTech platform. Sequoia Capital India,
Omidyar Network India, and Waterbridge Ventures were among
the existing investors in the Series B round.

Major Dominants in the Indian Ed-Tech Industry

The Path Forward...

Financial backers like EdTech new businesses since they rapidly adjust to new advances and
give an exceptional yield on speculation. The interest for EdTech firms among understudies
and guardians is extending as the post-pandemic environment keeps on raising the
requirement for remote learning. The Government of India (GOI) has laid out an assortment
of arrangements and changes pointed toward supporting the EdTech business and further
developing remote learning encounters for understudies. For instance, in May 2020, the
Indian government declared PM e-VIDYA, permitting the nation's best 100 colleges to begin
offering on the web courses. The National Education Policy 2020, openness to schooling and
educators, the requirement for upskilling, and remote learning will all assist with pushing the
Indian EdTech industry forward.

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Competitors Analysis / SWOT Analysis
Strengths
Training Its qualities are its learning gifts and assets, which it might use to acquire a drawn
out upper hand in the commercial center. Positive highlights of five essential assets and
abilities incorporate previous encounters and triumphs, actual assets like land and structures,
individuals assets, monetary assets, and exercises and techniques.

Existing provider ties are powerful – As an industry chief, Education Learning has solid
associations with its providers and other store network components. As indicated by the
organization, it can extend its item and administration contributions by utilizing the abilities
of its providers and production network accomplices.

Training Learning has a solid history of not just putting up imaginative items for sale to the
public in the home market, yet in addition taking into account various business sectors
dependent on client bits of knowledge. Training Learning has scrutinized a few standards in
an assortment of enterprises and created fruitful Leadership and Managing People, Managing
the Business Environment, and Regulations – Management arrangements. Instruction
happens in a general public represented by a huge number of rules and guidelines forced by
the public authority. By building solid connections with campaign gatherings and political
organizations, the partnership should arrange the climate in the areas of information the
board, systems administration, procedure, and innovation.
E-Learning has a first mover advantage in various regions. It has tested in regions like
information the board, systems administration, methodology, and innovation. Schooling
Learning has been upheld in delivering a special answer for reveal neglected business sectors
by Leadership and Managing People arrangements and approaches.
The hearty asset report and fiscal summary of Education Learning can permit it to put
resources into new and different undertakings, enhancing the income stream and raising
Return on Sales (RoS) and other KPIs. Focusing on the homegrown market is the best way to
learn.

The Domestic Market for Education Learning Is Robust - Education Learning's homegrown
market is both a wellspring of solidarity and a hindrance to the organization's development
and advancement. Instruction Learning may handily fill in its local market absent a lot of
advancement, as indicated by the subtleties presented in the Economics of the Ed Tech
Revolution contextual analysis, however joining the worldwide market will require greater
interest in innovative work. The enticement for Education Learning's chiefs has been to zero
in basically on the homegrown market up until this point.

Since its current customers are very steadfast, Education Learning can raise its portion of the
overall industry by working on the nature of its items and administrations. As per the
Economics of the Ed Tech Revolution report, there is plentiful proof that Education Learning
can contend in the worldwide market with such top notch items and administrations as other
worldwide ventures.

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Weakness

The regions, abilities, or gifts in which instruction learning misses the mark are its
imperfections. It restricts the organization's capacity to fabricate a reasonable upper hand.
Shortcomings are brought about by a need or nonattendance of five secret weapons and
capacities: actual assets like land, structures, exercises and methodology, past encounters and
achievements, cash assets, and individual assets.

Hierarchical Culture — It gives the idea that the Education Learning firm culture is as yet
described by turf battles between divisions, inciting supervisors to hold data near their chests.
As indicated by the Economics of the Ed Tech Revolution contextual analysis, this could
frustrate future development by bringing about market openings being lost because of data
storehouses.
Rather than considering all outside partners' inclinations, project the board is unduly centered
around inside conveyance. This procedure might hurt the organization's public picture and
cause client discontent.

An absence of variety in the labor force — Given that most of its development has happened
in its local market, I accept Education Learning is under-broadened. This might endanger
Education Learning's odds of global achievement.

An absence of indispensable ability - I trust that there is a significant ability deficiency in

Education Learning, especially in the space of innovation and computerized change.
Schooling learning is endeavoring to rebuild methodology considering improvements in the
field of Artificial Intelligence (AI) and AI.

Client Dissatisfaction - Despite the way that item request has stayed consistent, there is as yet
a stewing feeling of disappointment among Education Learning clients. It's clear in the input
on an assortment of web channels. Schooling Learning should zero in on regions where it can
further develop clients' buy and post-buy encounters.

Innovation Integration in Operations - Despite consolidating innovation into backend

processes, Education Learning still can't seem to use the force of innovation in front end
systems.

Opportunities

Instruction Learning can exploit large scale ecological factors and changes to either solidify
or broaden its present market position. Openings incorporate innovative leap forwards,
changes in client tastes, development in customer discretionary cashflow, political turns of
events and administrative changes, and monetary extension.
Admittance to International Talent in a Global Market – Due to spending plan limits, one of
the primary hardships in Education Learning is restricted admittance to significant level
ability markets. Venture into new business sectors could assist Education Learning with
gaining admittance to a bigger pool of worldwide ability. It can likewise assist with enlisting
ability to the neighborhood market and venture into new regions including information the
board, systems administration, procedure, and innovation.

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Worldwide Markets Provide Lucrative Prospects - Globalization has opened up global market
openings. Training Learning is in a solid situation to benefit from these chances and develop
its portion of the overall industry. As per Richard K. Lyons, development in the worldwide
market can assist Education Learning with differentiating its danger by bringing down its
dependence on the homegrown market for income.
Plans of action Based on E-Commerce and web-based media – An online business plan of
action can assist Education Learning construct attaches with neighborhood providers and
calculated suppliers in the worldwide market. Training Learning can profit from the
development of online media by reducing the expense of entering new business sectors and
contacting clients with a much lower promoting financial plan. It could likewise prompt
publicly supporting of different administrations and client driven showcasing.
Schooling Learning can exploit this pattern by restricting the quantity of things available and
zeroing in advertising endeavors on the most beneficial ones.
Adjusting to a Changing Technology Environment — Machine learning and computerized
reasoning (AI) are modifying the innovation scene wherein Education Learning capacities.
As indicated by Richard K. Lyons, schooling learning might utilize these advancements to
build efficiencies, lessen costs, and change processes.
Training Learning can exploit man-made brainpower forward leaps to more readily appraise
customer interest, take into account forte sections, and further develop suggestion motors.

Threats- Economics of the Ed Tech Revolution

Large-scale natural worries and advancements that could upset the Education Learning plan
of action are dangers. Financial turn of events, specialized forward leaps, political turns of
events and administrative changes, expansions in shopper discretionary cashflow, and
changes in client inclinations are for the most part possible worries.
Expanding working expenses in the created market because of natural constraints – Education
Learning should manage these expenses as legislatures attempt to gather more ecological tolls
to advance greener arrangements. It's plausible that this will expand Education Learning's
transportation and bundling costs.
There is a culture of tacky costs in the area — Education Learning works in an industry
where tacky costs are the standard. As indicated by the Economics of the Ed Tech Revolution
contextual analysis' Richard K. Lyons, this can prompt the association's powerlessness to
raise costs to the degree that its exceptional costs merit.
Global international contemplations - Geopolitical elements have adjusted for more grounded
protectionism after Trump's political decision. The worldwide professional workplace is
being affected by occasions, for example, Brexit, Russian endorses, Venezuela's unfamiliar
trade inconveniences and expansion, lower oil costs, and others. Schooling Learning should
give close consideration to these occasions and remember them for the arranging system.

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Protectionism's Development - Education There are various methodologies for diminishing
the danger of rising protectionism, for example, putting away information in different
business sectors and enhancing hazard by working in nations with various financial cycles.

- Government Laws and Bureaucracy – Education Students ought to know about quick
changing government rules, which are progressively being condemned by fight gatherings
and non-legislative associations, particularly in the space of natural and work wellbeing.

- Post-Recession Credit Binge – Because simple credit can be renounced whenever,

Education Learning should zero in on paying off its obligation energized development. The
party has been continuing for over 10 years, and a Fed retreat may mean critical interest costs
for Education Learning.

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CONCLUSION
Technology has become more intertwined with education as it becomes a more essential part
of life. It's also not just about lesson planning when it comes to EdTech. It has a big impact
on how educators, administrators, and organizations work, as well as how well children are
prepared for a digital-first future.

For a long time, Indian academic institutions have followed the "factory model," which
implies a single and uniform learning style for all students. Students are treated like cogs in
an assembly line, with each student learning at a similar rate in a classroom setting. This
model leaves no room for student - centered learning.

Whatever the factory model approach ignores is the fact that each student is unique that
learns through their own tempo.

They each have their own manner of perceiving the same subject. What works for one student
may not work for another in the same way. As a result, classroom-based learning usually
resulted in gaps in overall learning achievements.

This is where EdTech comes in to change the way people learn and teach. EdTech has risen
to prominence as a new form of supplementary education or "coaching" that students can
obtain through private tutors & institutes to complement their classroom learning. EdTech is
a critical part between enrollment numbers (participation) and enhanced educational
objectives.

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REFERENCES
[1] INDIA TO BECOME THE EDTECH CAPITAL OF THE WORLD.
https://www.ibef.org/blogs/india-to-become-the-edtech-capital-of-the-world

[2] eLearning Innovation Center Blog | https://blogs.uoc.edu/elearncenter/swot-analysis-

of-innovative-technologies-applied-to-educational-sector-strengths-weaknesses-
opportunities-and-threats/

[3] The Rise of Online Learning.

https://www.forbes.com/sites/ilkerkoksal/2020/05/02/the-rise-of-online-learning/?
sh=1c394a5672f3

[4] EdTech 101. https://builtin.com/edtech

[5] Burch, P. and Miglani, N., 2018. Techno centrism and social fields in the Indian
EdTech movement: Formation, reproduction and resistance. Journal of Education
Policy, 33(5), pp.590-616.

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