Comparative analysis of top EdTech companies for understanding their

contribution to emerging trends in India

LIKESH BABU S
Student, department of management at IFIM College, Bangalore.

Introduction:

Edtech, the combination of both “education” and "Technology" has created a

dynamic change in the traditional way of education. Implementation of
technology in the classroom has improved student outcomes, enhancing
individualized education with customized curriculums. Massive online open
courses (MOOCs) use this technology to reach a vast number of students and
employees across the world.

India is home to 9000+ Edtech startups marking Edtech industries as one of the
fastest growing industries in the country. India has a total of 7 edtech unicorns
this trend can be further augmented by various factors such as the burgeoning
internet economy and the push that the Covid-19 pandemic a shift towards
digitalized and online learning among learners. According to Business standard
Indian ed-tech startups raised $2.2billion in 2020 and $4.7 billion during the
year 2021making the ed-tech start-up category the third most funded business
sector. Post pandemic there are many problems faced by this sector which
include funding crunch and higher customer acquisition costs. The future of the
edtech market is expected to hit $4 billion by the end of 2025 to achieve this the
industry is expected to implement an omnichannel model with the combination
of both online and offline modes of education. Edtech has grown 32Xfrom
500m received in 2010 creating benefits for students, investors and increasing
enormous job rates in India. Since the business model of Edtech industries is
relatively young the revenue and the cost of production models of this sector
must be standard defined and this definition must include customer gains and
values. The future for the Edtech sector has lots of challenges along the way but
still, the scope for this sector in India is bright .courses and education provided
by this edtech companies are of huge variety and domains often with the
certificate representing qualification which makes it ideal for boosting the scope
of an individual's cv.

Literature review

Ameer and Vineeth (2021) studied the impact of Covid-19 pandemic on Edtech
in India with the purpose of the present study is to analyze the impact of covid-
19 pandemic on Edtech industries concerning the K-12 and the higher
education landscape in terms of enrolment, traffic share, introduction of new
product line, revenue generation, accessibility, and other variables. Dr. Monika
Bansal and Dr. Yogieta S Mehra (2021) studied E-learning market for Edtech
startups after Covid-19 in India the purpose of the research was to understand
the trends and the growth drives in the edtech industries in India along
with the survey being made to understand the perception of people toward the
Edtech startups in India. Yana Ulanova, school of business and economics
(2021) studied the impact of covid-19 on the business model innovation at
Edtech startups with the purpose to study the model of business undertaken by
Edtech and the future innovations that can be made for this business model.
Liyanagunawardena, Williams, Adam (2013) studied the reach of MOOCs:
from a developing countries' perspective. the article challenged the narrative to
MOOCs to be the solution for the low- and middle-class countries (LMIC) and
the countries that lack education from their perspective and argued the
complicated set of conditions including the access to language and computer
literacy among other, challenges the visibility of MOOCs as a solution for
populations in LMIC. The list of edtech companies in India and insights on their
funding history, investment activities and acquisition trends, and their notable
investors of these companies and their management team(crunchbase.com). to
know the growth of edtech companies in India a study was made on the paper
titled thnocentrism and social fields in the Indian Edtech movement: formation,
reproduction, and resistance by Patricia Burch and Neha Miglani (2018) the
research was on the technology and Edtech being sold all over the world at
schools as a central mechanism for improvising access to the quality learning
especially in societies with high poverty populations and the growth of
scholarships that interrogates the intuitional drives of the ‘Edtech craze’ the
paper also further examines how tecnocentrism as a specific strain of
neoliberalism is reflected in institutional and organizational levels in cases of
school education in India and the value of K-12 educational technology in its
bordered institutional context. To know the adaption of future technology in the
Edtech sector and the possibilities and the impact of the application of the
metaverse in the Edtech sector Ben Williamsons article Meta-edtech(2021)
studied the first form of meta-edtech organizations and the offering of learning,
media and technology offered the range of different perspectives and the
analysis of educational technologies framing a disclosure as well as being in the
fields of inquiry and development of the Edtech industries. there are about 9985
startups in India (tracxn.com) know the value and the growth rate of the edtech
sector in the world market edtech industry was worth $89.49 billion in 2020
and is expected to grow by 19.9% between 2021 – 2028 and this technology is
not restricted to one specific age group; the internet is filled with edtech
opportunities, and internet users come in a range of ages. In 2019, studies
showed that 7% of internet users were made up of those over the age of 65 .
(futurelearn.com)

Objectives

Research methodology

Secondary data is collected from different websites and correlation analysis is

done using excel regression analysis is done using EViews.
 Analysis

Table no:1

SL. NAME OF THE FOUNDING TOTAL MARKET TOTAL NO OF

NO COMPANY YEAR FUNDING VALUE REVENUE SUBSCRIBERS
1 BYJU'S 2011 $2.2B $22B 370 150
2 UPGRAD 2015 $149.5M $850M 210 2
3 UNACADEMY 2015 $398.5M $2B 875.5 0.8
4 VEDANTU 2011 $203.2M $600M 60 0.2
5 TOPPR 2013 $110.8M $60M 8.21 2.5
GREAT
6 LEARNING 2013 $600M $21B 100 1.5
7 LEAD 2013 $171M $1.1B 80 1.2
8 WHITE HATjr 2018 $11.3M $590M 115 4
9 ERUDITUS 2010 $814M $700M 131 1
10 PHYSICWALLAH 2016 $100M $1B 3 4.35

The correlation coefficient is found between the number of subscribers and total
revenue and it is found to be 0.22 which means there exists a positive
correlation between the variables.

Table no:2
Dependent Variable: TOTAL_REVENUE
Method: Least Squares
Date: 07/23/22 Time: 16:00
Sample: 1 8
Included observations: 8

Variable Coefficient Std. Error t-Statistic Prob.

PLAY_STORE_DOWNLOADS__IN_CRS_ 64.58367 22.26502 2.900679 0.0230

R-squared 0.256546 Mean dependent var 217.7138

Adjusted R-squared 0.256546 S.D. dependent var 291.5984
S.E. of regression 251.4271 Akaike info criterion 14.00865
Sum squared resid 442509.3 Schwarz criterion 14.01858
Log likelihood -55.03461 Hannan-Quinn criter. 13.94168
Durbin-Watson stat 1.581625

The correlation coefficient is found between the no of play-store downloads and

total revenue and it is found to be 0.0230 which means there exists a positive
correlation between the variables.

Discussion

Conclusion

References

Ameer, P. A., & Vineeth, K. (2021). Impact of Covid-19 Pandemic on Ed Tech Industry in
India: A Multidimensional Analysis. In Virtual National Conference on THE CHANGING
ECONOMIC MODELS AND TRENDS IN THE POST COVID-19 WORLD (p. 5).
BANSAL, D. M., & MEHRA, D. S. (2021). E-LEARNING MARKET FOR EDTECH
STARTUPS AFTER COVID-19 IN INDIA. X AD, 8(SI-1), 271-296.
https://doi.org/10.53338/ADHIPA2021.V08.Si01.16
Ulanova, Y., & Suoranta, M. (2021). Impact of COVID-19 on Business Model Innovation at
EdTech Startups. In RENT 2021: The 35th Annual Conference on Research in
Entrepreneurship and Small Business (pp. 1-19). EIASM - European Institute for Advanced
Studies in Management. RENT.
Liyanagunawardena, T., Adams, A. & Williams, S. (2013). MOOCs: A Systematic Study of
the Published Literature 2008-2012. International Review of Research in Open and
Distributed Learning, 14(3), 202–227. https://doi.org/10.19173/irrodl.v14i3.1455

Patricia Burch & Neha Miglani (2018) Technocentrism and social fields in the Indian EdTech
movement: formation, reproduction, and resistance, Journal of Education Policy, 33:5, 590-
616, DOI: 10.1080/02680939.2018.1435909
Ben Williamson (2021) Meta-edtech, Learning, Media and Technology, 46:1, 1-
5, DOI: 10.1080/17439884.2021.1876089

https://tracxn.com/explore/EdTech-Startups-in-India

https://www.futurelearn.com/info/blog/latest-edtech-developments