THE FUTURE OF EDTECH IN INDIA Decoding The $29 Bn Market Opportunity.pdf

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DECODING MARKET
LANDSCAPE & TRENDS
REPORT, 2023
INSIDE INDIA'S
$29 BN+ EDTECH
OPPORTUNITY

India's Digital Economy: An Overview
Edtech In India: Key Highlights
Edtech In India Vs China Vs The US
India's Edtech Opportunity
India's Edtech Landscape
Most Active Edtech Investors
Edtech M&A Trends
Financial Analysis Of Indian Edtech Startups
Indian Edtech Users: Customer Sentiment Survey
Hybrid Learning: The Next Frontier
Swot Analysis: Edtech In India
Key Emerging Trends In Edtech Space
Market Size
Fast-Growing Sub-Sectors
Edtech Paid Users Market Size
Table Of Contents
Table Of Contents
.....................................................
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....................................................................
03
04
05
06
10
Edtech Funding India ........................................................................... 14
Annual Funding Trends
Average Ticket Size
Mega Deals Outlook
Stagewise Funding Trends
Most Funded Sub-Sectors
Geographical Overview
Edtech Giansts & Their Hybrid Play
............................................... 28
............................................................ 29
.......................... 32
.................... 38
......................................... 45
.............................................. 48
.................................. 49

India's Digital Economy: An Overview
44%
Increase In Internet
Users From 2022 To
2030
61%
Internet Penetration
In India
1.3 Bn+
Internet Users
By 2030
600 Mn+
Smartphone
Users
4.7 Hours
Average Hours Spent
On Mobile Per Day
Per User
$0.17
Per GB Internet
Cost In India
373 Mn+
Estimated Rural
Internet Users
In 2022
350 Mn+
Number Of Users
Transacting
Online
$3.21 Tn+
Total Value Of UPI
Transactions Till
Mar 2023
Source: TRAI, NPCI, Bain & Company, Data.ai
Internet
Users
(Mn)
0
500
1,000
1,500
2020 2021 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F
846
749
932
1,008
1,075
1,134
1,186
1,132
1,273
1,310
1,343

$29 Bn+
India’s Edtech Market Size By 2030
SOURCE: INC42
120+
Edtech M&As Recorded
Growth Stage
Highest Surge In Average Ticket Size In 2022
Hybrid Learning
Most Effective Channel Of Edtech Consumption
24%
400+
Funded Edtech Startups In India
$27 Mn
Average Ticket Size Of Funding In 2022
7
Edtech Unicorns In India
5,000+
Edtech Startups Launched In India
$11 Bn+
Funding Raised By Edtech Startups In India
Sequoia Capital
Most Active Edtech Investor In India
7
Edtech Soonicorns In India
5 Year CAGR Of Market Size (2025-2030

How Does India’s Edtech Market Stand Against China And The US
$11 Bn
67%
7
$2.5 Mn
Total Funding (2014-2022)
5 Year Funding CAGR
Number Of Unicorns
Median Ticket Size In 2022
$19 Bn
36%
9
$8 Mn
$9.9 Bn
-6%
12
$5.7 Mn
SOURCE: INC42, MULTIPLE SECONDARY SOURCES

The $29 Bn Edtech Opportunity In India
The edtech market will grow at 25.87% CAGR from 2022-2030
MARKET
SIZE
($
BN)
0
10
20
30
2022 2023 2024 2025 2026 2027 2028 2029 2030
4.6
5.9
7.5
10.4
13
16.7
21
25.5
29
SOURCE: INC42, KPMG

Inside $29 Bn Edtech Opportunity In India
K12 expected to grow at 28.6% CAGR from 2022-2030
MARKET
SIZE
($
BN)
0
10
20
30
2022 2023 2024 2025 2026 2027 2028 2029 2030
SKILL DEVELOPMENT ONLINE CERTIFICATION TEST PREPRATION K12
SOURCE: INC42, KPMG

India Expected To Have 100 Mn+ Paid Edtech Users By 2030
Paid users expected to grow at 26.85% CAGR from 2022-2030
ESTIMATED
NUMBER
OF
PAID
USERS
(MN)
0.0
25.0
50.0
75.0
100.0
125.0
2022 2023 2024 2025 2026 2027 2028 2029 2030
SKILL DEVELOPMENT ONLINE CERTIFICATION TEST PREPRATION K12
SOURCE: INC42, KPMG

The Fast-Growing Edtech Sub-Sectors In India
Market Opportunity
(2030)
Sub Sector
Market Opportunity
CAGR (2022- 2030)
$2.5 Bn
$9 Bn
$15 Bn
$2.5 Bn
Skill Development
Test Preparation
K12
Online Certification
Total Funding
(2014-2022)
$277 Mn
$1.2 Bn
$5.9 Bn
$2.2 Bn
Notable Startups
30%
29%
26%
14%
SOURCE: INC42, KPMG

India’s Edtech Landscape
K12 TEST PREPARATION EDTECH SAAS ONLINE CERTIFICATION ONLINE DISCOVERY SKILL DEVELOPMENT
SOURCE: INC42

India’s Edtech Landscape: Key Players
UNICORNS Total Unicorns: 7 Combined Valuation: $33 Bn+ Total Funding: $8.5 Bn Top Hub: Bengaluru & Mumbai
GROWTH STAGE Total Funded Startups (2022): 92+ Total Funding(2022): $2 Bn+ Top Hub(2022): Delhi NCR
SOONICORNS Total Soonicorns: 7 Combined Valuation: $3.1 Bn+ Total Funding: $597 Mn+ Top Hub: Bengaluru
SOURCE:INC42
NOTE: THE LIST OF GROWTH STAGE STARTUPS IS NOT EXHAUSTIVE.

India’s Edtech Unicorns
Unicorn Sub-Sector
K12
Test Preparation
Test Preparation
Edtech SaaS
K12
Headquarter
Bengaluru
Bengaluru
Mumbai
Mumbai
Bengaluru
Mumbai
Delhi NCR
Years To Unicorn
10
5
11
6
10
10
8
Last Reported
Valuation
$22 Bn
$3.4 Bn
$3.2 Bn
$2.25 Bn
$1 Bn
$1.1 Bn
$1.1 Bn
Total Funding
$5.3 Bn
$849 Mn
$1.2 Bn
$632 Mn
$293 Mn
$166 Mn
$100 Mn
SOURCE: INC42

India’s Edtech Soonicorns
Soonicorns Sub-Sector
Test Preparation
Skill Development
Edtech SaaS
K12
Edtech SaaS
K12
K12
Headquarter
Bengaluru
Bengaluru
Delhi NCR
Hyderabad
Bengaluru
Bengaluru
Delhi NCR
Last Reported
Valuation
$825 Mn
$710 Mn
$600 Mn
$500 Mn
$500 Mn
$400 Mn
$200 Mn+
Total Funding
$153 Mn
$55 Mn
$130 Mn
$51 Mn
$118 Mn
$65 Mn
$25 Mn
SOURCE: INC42

Edtech Funding In India: Funding Round Classiﬁcation
1
3
20
32
39
45
179
190 Less than $1 Mn
$1 Mn to <$5 Mn
$5 Mn to <$10 Mn
$10 Mn to <$25 Mn
$25 Mn to <$100 Mn
$100 Mn to <$500 Mn
$500 Mn to <$1 Bn
$1 Bn and above $1.2 Bn
$1.9 Bn
$4.2 Bn
$1.4 Bn
$575 Mn
$288 Mn
$374 Mn
$66 Mn
Funding Amount
SOURCE: INC42
NOTE: DATA FROM 2014- 2022
MEGA
DEALS($100 MN
OR ABOVE)
CONSTITUTE
ONLY 4.69% OF
THE TOTAL
EDTECH
FUNDING DEALS
RECORDED BY
INDIAN EDTECH
STARTUPS

Edtech Funded Startups Pyramid [2014-2022]
18
91
286
400+
Late Stage Funded Startups
Growth Stage Funded Startups
Seed Stage Funded
Startups
Total Number Of
Funded Startups
$7.6 Bn+
$2 Bn+
$0.3 Bn+
$11 Bn+
Total Funding
SOURCE: INC42
NOTE: BRIDGE FUNDING DEALS ARE NOT INCLUDED IN THIS REPRESENTATION.

Rise And Fall Of Edtech Funding [2014-2022]
Upto 2019
(Pre-Covid)
$1.6 Bn+
2020 to 2021
(During Covid)
2022 - Present
(Post Covid)
Total Funding
307
Deal Count
3
Mega Deals
1
Unicorns
4
Unicorns
2
Unicorns
267
Deal Count
10
Mega Deals
95
Deal Count
5
Mega Deals
$6 Bn+
Total Funding
$2.4 Bn+
Total Funding
SOURCE: INC42
NOTE: MEGA DEAL VALUE IS GREATER OR EQUAL TO $100 MN

85
Number Of Unique Funded Startups
Source: Inc42
Edtech Funding Trends In 2022: A Snapshot
Edtech Funding Trends In 2022: A Snapshot
$2.4 Bn
Total Funding Raised
49%
YoY Decline In Total Funding
95
Total Deal Coun
42%
$27 Mn
Average Ticket Size
15.6%
YoY Decline In Average Ticket Size
18%
YoY Decline In Seed Stage Funding
60%
YOY Decline In Late Stage Funding
Bengaluru
Top Startup Hub
Sequoia Capital
Top Investor
YoY Decline In Total Deal Count
SOURCE: INC42

Funding Winter Hits Edtech Sector In 2022, Funding Down By 49% YoY
Deal count in edtech sector declined by 42% YOY In 2022
40 95 195 211
566
448
1,435
4,727
2,404
35
49
72
46 53 52
103
164
95
FUNDING
AMOUNT
($
MN)
DEAL
COUNT
0
1000
2000
3000
4000
5000
0
50
100
150
200
2014 2015 2016 2017 2018 2019 2020 2021 2022
FUNDING AMOUNT DEAL COUNT
SOURCE: INC42

Q1 2022 Marked Beginning Of Funding Winter In Edtech
From its highest value i.e. $1.96 Bn in Q4 2021, the total funding amount declined by 95% in Q4 2022
89 69
212
79
408
44
958
25
625
727
1,410
1,965
1,471
545
290
98
14
12 13 13
28
16
38
21
35
38
43
48
33 25
20
17
FUNDING
AMOUNT
($
MN)
DEAL
COUNT
0
500
1000
1500
2000
0
10
20
30
40
50
Q
1
-
2
0
1
9
Q
2
-
2
0
1
9
Q
3
-
2
0
1
9
Q
4
-
2
0
1
9
Q
1
-
2
0
2
0
Q
2
-
2
0
2
0
Q
3
-
2
0
2
0
Q
4
-
2
0
2
0
Q
1
-
2
0
2
1
Q
2
-
2
0
2
1
Q
3
-
2
0
2
1
Q
4
-
2
0
2
1
Q
1
-
2
0
2
2
Q
2
-
2
0
2
2
Q
3
-
2
0
2
2
Q
4
-
2
0
2
2
SOURCE: INC42

Average Ticket Size For Edtech Funding Drops To $27 Mn In 2022
The decline in funding for late-stage rounds resulted in a decrease in the average ticket size for edtech
investments in 2022
1
20
3
4
7
14
10
32
27
AVERAGE
TICKET
SIZE
($
MN)
0
10
20
30
40
2014 2015 2016 2017 2018 2019 2020 2021 2022
SOURCE: INC42

Edtech Mega Deals Fell 57% In 2022
Edtech startups start to bleed with reopening of the offline education segment leading investors to
focus on proﬁtability metrics for funding
764
1,216
4,123
1,789
3
4
6
5
FUNDING
AMOUNT
($
MN)
DEAL
COUNT
0
1000
2000
3000
4000
5000
0
2
4
6
UPTO 2019 2020 2021 2022
SOURCE: INC42
NOTE: MEGA DEALS REFER TO FUNDING ROUNDS EQUAL TO OR MORE THAN $100 MN

Funding At Late Stage Showed Highest YoY Decline For Edtech Startups In 2022
Funding Amount
Investment
Stage
YoY Change %
$1.5 Bn
$784 Mn
$52 Mn
$60 Mn
Bridge Funding
Growth Stage
Average Ticket Size
$151 Mn
$44 Mn
$3 Mn
$1.4 Mn
YoY Change % Deal Count
10
19
17
48
YoY Change %
-41%
-39%
-50%
-41%
SOURCE: INC42
Late Stage
Seed Stage
-32%
+71%
+35%
+27%
-60%
-.005%
-26%
-18%

Test Preparation
11.6%
Others
1.4%
K12
59.6%
Edtech SaaS
4.6%
K12
46.5%
Others
7.5%
Skill Development
6.3%
35.1%
K12 Still The Most Funded Sub Sector Within Edtech In India
Online Certiﬁcation startups gained more investor interest in 2022 with 13.1% YoY rise in funding raised
0.11 1.12
0.84
0.15
0.18
$2.4 Bn
Total Funding
2022
0.24
2.78
1.04
0.54
22.3%
Edtech SaaS
5.1%
$4.7 Bn
Total Funding
2021
SOURCE: INC42

Edtech SaaS
14.7%
K12
18.9%
Skill Development
32.6%
Others
21.1%
Test
Preparation
12.6%
Edtech SaaS
7.9%
K12
37.8%
Others
16.5%
Test Preparation
14.0%
Skill Development
23.8%
Skill Development Dominates Deal Count In 2022
K12 observed a YoY decline of 71% in 2022
13
62
39
23
27
Deal Count
164
(2021)
14
18
31
12
20
Deal Count
95
(2022)
SOURCE: INC42

Edtech Funding In Delhi NCR, Mumbai And Bengaluru Dropped By 49% YOY In 2022
Other emerging hubs funding also declined by 67% YOY in 2022
4.61
0.12
FUNDING AMOUNT ($ BN)
DELHI NCR,
MUMBAI,
BENGALURU
OTHER
EMERGING
HUBS
DELHI NCR,
MUMBAI,
BENGALURU
OTHER
EMERGING
HUBS
0.00 1.00 2.00 3.00 4.00 5.00
2.37
0.04
FUNDING AMOUNT ($ BN)
0.00 0.50 1.00 1.50 2.00 2.50
2021 2022
SOURCE: INC42

Delhi NCR, Mumbai And Bengaluru Secured More Than 80% Edtech Funding Deals In 2022
Delhi NCR, Mumbai And Bengaluru Secured More Than 80% Edtech Funding Deals In 2022
2021 2022
133
30
DEAL COUNT
0 50 100 150
DELHI NCR,
MUMBAI,
BENGALURU
OTHER
EMERGING
HUBS
76
18
DEAL COUNT
0 20 40 60 80
DELHI NCR,
MUMBAI,
BENGALURU
OTHER
EMERGING
HUBS
SOURCE: INC42

Unique Investor Count Declined By 35% YOY In 2022
Sequoia capital emerged as the most active edtech investor in India
UNIQUE
INVESTOR
COUNT
0
100
200
300
400
2014 2015 2016 2017 2018 2019 2020 2021 2022
SOURCE: INC42

Most Active Edtech Investors In India [2014-2022]
No. Of Deals
24
21
17
17
17
17
13
11
10
8
Notable Investments
BYJU’S, Unacademy, Scaler Academy
Unacademy, Classplus, Flipclass
Newton School, Unacademy, Quizizz
Vedantu, Doubtnut, Uolo
BYJU’S, Unacademy, Vedantu
Geekster, Eduncle, Edvizo
Filo, Teachmint, Kafka Academy
Seekho, Pariksha, Little Leap
Vedantu, PhysicsWallah, LEAD School
Teachmint, Yellow Class, Blue Learn
SOURCE: INC42
NOTE: DEAL COUNT REPRESENTS NUMBER OF DISCLOSED DEALS; LIST OF PORTFOLIO STARTUPS IS NOT EXHAUSTIVE

Edtech M&As On A Rise Since 2020
The rise in M&A deals indicates a growing trend towards business consolidation and market maturity
M&A
DEAL
COUNT
0
10
20
30
40
2015 2016 2017 2018 2019 2020 2021 2022
SOURCE: INC42

Edtech Unicorns Spend Big On M&As

Edtech
37.1%
Two out of every ﬁve layoffs in the Indian startup ecosystem was from an edtech startup.
Others
5.0%
Fintech
4.3%
Enterprisetech
5.3%
Healthtech
7.2%
Ecommerce
12.9%
Consumer Services
28.1%
Edtech Sector Bleeds With Highest Layoffs Amid Falling Revenues
9,001
6,825
3,127
1,755
1,293
1210
24K+ Total
Layoffs
SOURCE: INC42
NOTE: DATA TILL APRIL 7 2023

Indian Edtech Unicorns & Soonicorns Saw A 91% Uptick In Revenue In FY22
Aggregate revenue of unicorns and soonicorns increased by 91% YoY in FY22 owing to strong
post-pandemic impact
TOTAL
REVENUE
($
MN)
0
50
100
150
200
250
FY 2021
91%
FY2022
SOURCE: COMPANY FILINGS, INC42 CALCULATIONS
NOTE: (+/- X%) DEPICTS YEAR-ON-YEAR CHANGE, INR TO USD EXCHANGE RATE IS 80 , BYJU’S, ERUDITUS,SCALER ACADEMY,CUEMATH DATA NOT AVAILABLE

Indian Edtech Unicorns & Soonicorns' Expenses Almost Doubled In FY22
In FY22, to earn INR 1, unicorns and soonicorns spent INR 3.63 on an average amid pandemic-
induced aggressiveness to acquire market share
TOTAL
EXPENSES
($
MN)
0
250
500
750
1000
FY 2021 FY 2022
93%

Most Valued Indian Edtechs Continued To Burn Heavily In FY22
In FY22, the aggregate loss of unicorns and soonicorns increased 89% YoY amid continued focus on
growth and customer acquisition
PROFIT
&LOSS
($
MN)
-600
-400
-200
0
FY 2021 FY 2022
-89%

Inside The FY22 Financials Of Indian Edtech Unicorns
Startup
Revenue From
Operations In FY22
$245 Mn (+87%)
$17 Mn (+133%)
$29 Mn (+845%)
$75 Mn (+77%)
$63 Mn (+67%)
$21 Mn (+80%)
Total Expenses
In FY22
$710 Mn (+79%)
$67 Mn (+188%)
$13 Mn (+571%)
$426 Mn (+80%)
$133 Mn (+110%)
$111 Mn (+20%)
Profit Before
Tax In FY22
-$465Mn ( -75%)
-$50 Mn (-215%)
+$16 Mn (+1315%)
-$336 Mn (-80%)
-$71 Mn (-180%)
-86 Mn (-15%)
Employee Benefit
Expenses In FY22
$262 Mn (+5%)
$32 Mn (+165%)
$5 Mn (+4327%)
$202 Mn (+146%)
$35 Mn (+78%)
$61 Mn (+19.5%)
Advertising/Promotional
Expenses In FY22
$142 Mn (+111%)
$10 Mn (+296%)
$1 Mn (+7773%)
$65 Mn (+32%)
$49 Mn (+92%)
$23 Mn (+4%)
NOTE: (+/- X%) DEPICTS YEAR-ON-YEAR CHANGE, INR TO USD EXCHANGE RATE IS 80 , BYJU’S FY22 DATA NOT AVAILABLE , FOR ERUDITUS, CONSOLIDATED FINANCIALS ARE INCLUDED

Inside The FY22 Financials Of Indian Edtech Soonicorns
Startup
Revenue From
Operations In FY22
$3 Mn (+993%)
$3 Mn (+118%)
$3 Mn (+9416%)
$2.9 Mn (+269%)
$96 K (NA)
Total Expenses
In FY22
$15 Mn (+1980%)
$26 Mn (+181%)
$3 Mn (+5130%)
$12 Mn (+800%)
$18 Mn (+2356%)
Profit Before
Tax In FY22
-$12 Mn (-2700%)
-$20 Mn (-182%)
-$6 K (+80%)
-$9 Mn (-1679%)
-$16 Mn (-2284%)
Employee Benefit
Expenses In FY22
+$7 Mn (+3468%)
+$13 Mn (+211%)
+$936 K (+2210%)
+$5 Mn (+584%)
+$9 Mn (+5758%)
Advertising/Promotional
Expenses In FY22
$5 Mn (+1883%)
NA
NA
NA
$5 Mn (+1282%)
NOTE: (+/- X%) DEPICTS YEAR-ON-YEAR CHANGE, INR TO USD EXCHANGE RATE IS 80 , BYJU’S, ERUDITUS DATA NOT AVAILABLE

Indian Edtech Users
Indian Edtech Users
Customer Sentiment
Survey
Customer Sentiment
Survey

Only 34% People Positive About Online Education Quality
Education quality as category driver scores 4.48 out of 10
34%
33%
33%
EDUCATION QUALITY (IN POSITIVE SENTIMENT PERCENTAGE)
POSITIVE
NEUTRAL
NEGATIVE
0% 10% 20% 30% 40%
NOTE: BASED ON REVIEWS OF 2,108 EDTECH USERS
SOURCE: CLOOTRACK, INC42

Learning Experience Extremely Critical For Online Higher Education Users
Learning experience as category driver for online masters degree scores 9.29 out of 10
93%
81%
53%
ONLINE MASTERS DRIVERS (IN POSITIVE SENTIMENT PERCENTAGE)
LEARNING EXPERIENCE
LEARNING PLATFORM
COURSES OFFERED
0% 25% 50% 75% 100%

Mentorship Emerged As A Crucial Factor For Online Certiﬁcation Course Users
Mentorship as category driver scores 7.81 out of 10
80%
78%
77%
74%
ONLINE CERTIFICATION DRIVERS (IN POSITIVE SENTIMENT PERCENTAGE)
MENTORSHIP
CURRICULUM
LEARNING EXPERIENCE
CAREER SUPPORT
0% 20% 40% 60% 80%

Learning Experience Vs Faculty: What Makes A Cut For Online Enterprise Course Users
Learning Experience as category driver scores 7.41 out of 10
71%
61%
50%
30%
ENTERPRISE COURSE DRIVERS (IN POSITIVE SENTIMENT PERCENTAGE)
LEARNING EXPERIENCE
FACULTY
APP EXPERIENCE
LIVE CLASSES
0% 20% 40% 60% 80%
NOTE: BASED ON REVIEWS OF 8045 EDTECH USERS

Unacademy Scores The Lowest In User App Experience
80%
80%
72%
67%
58%
APP EXPERIENCE (IN POSITIVE SENTIMENT PERCENTAGE)
VEDANTU
PHYSICS WALLAH
BYJU'S
ADDA247
UNACADEMY
0% 20% 40% 60% 80%

Add247 Scores The Lowest In Learning Experience
96%
90%
86%
71%
68%
LEARNING EXPERIENCE (IN POSITIVE SENTIMENT PERCENTAGE)
PHYSICS WALLAH
VEDANTU
BYJU'S
UNACADEMY
ADDA247
0% 25% 50% 75% 100%

Hybrid Learning: The Next Battleground For Edtech Giants
The First Wave
(Until 2010)
Initially, edtech in India
primarily focussed on B2B
solutions, such as adopting
smart boards and ERP
software for efficient
management of day-to-day
educational operations
The Third Wave
(2019-2021)
This phase deep-dived into
new-age technologies such as
AI/ML, deeptech and
gamification. The Covid-19
pandemic served as a
catalyst for the edtech sector
and saw the rise of many new
startups catering to the
growing demand for online
education.
The Second Wave
(2010-2018)
Next came a shift towards
B2C learning, fuelled by easy
access to the internet,
reduced data costs, and the
rise of K-12 learning apps and
online test preparation
module
The Fourth Wave
(2022-Present)
This can be the era of hybrid
learning and the consolidation of
me-too edtech businesses.
During this phase, edtech
startups must reinvent
themselves and work on their
value proposition now that
offline classes are in full swing.

Why Hybrid Learning Is Poised To Dominate The Edtech Sector In India
Flexibility
Opportunity For
Collaboration
Government
Support
Digitalisation
Data Driven
Tracking Of
Learning
Levels
Helping
Students To Be
More Tech
Savvy
Fatigue Of
Pure Online
Learning
Larger Reach
Saves Time
For Both
Teacher And
Student
SOURCE: INC42, COLUMBIA UNIVERSITY

Edtech Unicorn And Their Hybrid Play
Unicorn Online Play
Online Tutoring Platform
Early Years Learning
Class 4 -12
Offline Play
Online Test Preparation Platform
Acquired Active Platforms
YouTube Channel
Educational Content In
9 Regional Languages
Mobile App
PW Skill - Upskilling
platform
Class 6 -12
CodeChef – Coding
WifiStudy - Online Learning
Early Years Learning
Class 1 -12
Test Preparation
Mobile app
Whitehat Jr – Coding, Music, Math
Great Learning - Upskilling
Gate Academy, PrepLadder &
Handa Ka Fanda - Test Prep
Hybrid learning centers
Acquisition of offline test preparation platform Deeksha
PW Vidyapeeth: Tech integrated coaching institute
Joint venture with offline test prep platform Utkarsh Classes
Experience Stores
Centers for IIT, JEE, NEET UG
BYJU’S Tuition Center (Grade 4-10)
Acquisition of Aakash – Offline coaching centers (Grade 10 &
above, competitive exams)
Home tuitions
Test Preparation
Test Preparation
SOURCE: INC42, MULTIPLE SECONDARY RESOURCES
NOTE: UNICORNS NOT INCLUDED: UPGRAD (ONLY ONLINE), LEAD SCHOOL (EDTECH SAAS), ERUDITUS (CUSTOMISED ENTERPRISE COURSES)
THE ACQUISITIONS MENTIONED FOR STARTUPS DO NOT SHARE AN EXHAUSTIVE LIST OF SERVICES OFFERED VIA PLATFORM, LIST OF ACQUISITIONS MENTIONED FOR EACH UNICORN IS NOT EXHAUSTIVE

SWOT Analysis: Edtech In India
Not Capital Intensive
Large Customer Base
Catering To Different
Needs
Scalable
Cheaper Option
Requires Infrastructure
Privacy And Data
Concerns
Not Evolved To Full
Potential
Not Fully Recognised
Less Human Interaction
Replacement To
Traditional Degree
Non Metropolitan Area
Personalised Learning
Corporate Training
Programs
Government Support For
Online Learning
Competition
Lack Of Differentiation
Rules And Regulation
Sustainability
High Consumer
Acquisition Cost
S W O T
STRENGTH WEAKNESS THREAT
OPPORTUNITY
SOURCE: INC42

Key Emerging Trends In Edtech Space
Blended Learning Formats On The Cards: The line between online and offline education is becoming increasingly blurred as students and parents look for platforms that
provide flexible options tailored to meet learners’ needs and preferences. With a growing emphasis on hybrid models, edtech startups will develop more and more blended
learning formats, especially in the K-12 and test preparation space.
Focus Will Be On Pre-K Learning Innovation: Foundational learning and personality development are two core areas in this competitive age. Moreover, the rising number
of working parents and nuclear families has led to a demand for play schools and daycares offering technology-focussed activities to help parents monitor their children’s
progress.
Affordable Education, Vernacular Courses To Rule Edtech: As schools resume operations, edtech companies will prioritise grassroots marketing and explore options
to develop free or cost-effective courses and products. This shift in focus comes in response to criticism regarding excessive pricing, and a significant market correction is under
way. Additionally, there will be a deeper focus on regional language courses, especially in the K-12 segment, to tap into new markets beyond Tier 1 cities
Upskilling, Vocational Training To Be Most Sought-After Sectors: Like the past couple of years, the trend to enhance employability and income potential through
skill development, tech certification and vocational training will continue in 2023. Unlike K-12 or test prep, skill development and certifications are considered direct investments
in career growth. And they often pave the path to success even during economic downturns.
Community- & Mentor-Driven Learning To Gain Traction: The absence of industry-focussed professional courses has led to the community- and mentor-driven edtech
models. Startups such as Leap.Club and GrowthX offer cohort-based learning facilitated by industry leaders, enabling young graduates, entrepreneurs and professionals to
expand their networks and gain hands-on experience from seasoned experts.

www.inc42.com
Inc42 is India’s largest tech media & information platform on a mission to
build & serve India’s tech, startup & internet economy.
From breaking the latest news to discovering the hottest startups, from
spotting upcoming trends to simplifying complex concepts, we cover
everything tech in India’s internet economy.
Born in January 2015, Inc42 has become the leading source for news &
analysis on India’s rapidly growing tech, startup & internet economy. Inc42,
with over 35,000+ published stories, 80+ research reports, 120+
conferences & events & having featured 1000s of entrepreneurs, now
reaches over 25 Mn+ tech leaders & professionals every month.
CREDITS
SANGHAMITRA MANDAL, MEHA AGARWAL
EDITOR
SAIFLAN AIJAZ
ANALYST
ANJAN DAS
COVER DESIGN
Inc42 Media, 59/16, 4th Floor, Jujhar Tower,
RD Marg, Kalkaji, New Delhi, Delhi 110019
ADDRESS
SABITH
REPORT DESIGN
Contact: editor@inc42.com
To View Inc42 Reports: inc42.com/reports

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DECODING MARKET
LANDSCAPE & TRENDS
REPORT, 2023
INSIDE INDIA'S $29 BN+
EDTECH OPPORTUNITY

THE FUTURE OF EDTECH IN INDIA Decoding The $29 Bn Market Opportunity.pdf

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