Taran Singh, CEO of Melvano: Tier-2 towns will write the Edtech story

Amidst the ongoing pandemic, the lockdown has forced several shutdowns and due to this very reason, one of the few sectors that have witnessed growth at a rapid pace is India’s EdTech industry. The platforms have achieved their long-term business goals within few months. And this happened especially after most of the institutes have adopted technology to continue delivering education during this critical time. To fulfil the significant demand, the EdTech platforms combined have raised funding of $2 Bn in 2020 up from $553 Mn in 2019. The current market size of the Indian EdTech sector stands at $ 800 Mn and is expected to grow 8x over the next five years.

EdTech platforms are not only limited to virtual learning, most of them offer personalized learning for a hassle-free study environment. Hence, every kind of learner is signing up for online courses while studying remotely. Leading educational technology unicorn, BYJU’S, have added 45 Mn new users in 2020 and recorded revenue of $46.92 Mn. Vedantu, another EdTech startup that mainly focuses on K-12 learners has witnessed a 4x growth in revenue in 2021 and the revenue run rate is at around $60 Mn presently. Melvano, a fast-growing test prep platform saw a 6x increase in the number of users & a 2x increase in engagement in the past year.