What does the term “EdTech” mean for you? The first thing that comes to my mind is combining IT tools or technological innovation with education to create a more engaging, inclusive and personalised learning experience. Suppose we trace back to the history of Edtech. In that case, we can see that media use for instructional purposes can be during the first decade of the 20th century. The origin of Online education can be traced back to the University of Illinois in 1960.
Trace the History of Edtech in India
And with the advent of technology and the introduction of the internet, the Edtech industry has seen more modification and growth. Conducting classes via webcams and online was introduced and keenly adapted everywhere, including in India. The period between January 2014 to September 2019 witnessed the launch of over 4,450 Edtech startups in India, 4.17% of which raised funds, as per the news reports.
However, till about some decade or so back, even in private schools, digital education was limited to smart boards till the entry of the SaaS or B2B segment. As the current education system is also highly mark-based, the two segments that have the most takers in the Edtech industry are test preparation(from K-12 to Competitive exams) and online certification. From 2014 to 2019, startups in test prep and online certification have bagged a significant 88% ($1.6 Bn) of the total capital inflow to Edtech. As of 2021, the market size of online test preparation in India can be valued at 515 million dollars.
Growth of Edtech During 2020-21 In India
The past year and a half were pretty challenging for the education sector, as most schools and colleges had to shut down for an indefinite period due to the menace of a pandemic. However, even if this Pandemic of Covid-19 has been detrimental to the growth of most businesses or industries, Edtech is one industry that has seen growth. This is because even most schools and colleges have realized the significance of online education, and there has been a massive adoption of the online educational system throughout the country.
An industry that was already seeing double-digit yearly growth has now resulted in a massive inflow of investments, acquisitions, and upgrades, thus encouraging more players to quickly adapt to this, launch more startups, and engage more students, as the data charges were nominal.
Meanwhile, some Edtech companies in India have carved a niche for themselves throughout these years. They are listed below:
- Toppr- A customized online platform for all your educational needs, which goes beyond the one size fits all approach to education.
- ClassPlus- An online coaching app that redefines classroom engagement in this country
- Unacademy- An online platform that aims to make both learning and teaching easy via interactive lessons and videos on various subjects
- Pesto-Gurugram-based Edtech company that tries to bridge the skill gap between engineers and multinational companies
- Veative- A VR base Edtech
- Vedantu- An Indian online tutoring platform
- 90 plus – Textbook and Syllabus oriented Tuition app based in Kerala
- BYJU’S- Unicorn in the Field of Edtech bagging almost 65% of the total funding in Edtech Startups