The changing face of Indian education– Rise of Ed Tech Startups [Infographic]
Parents start worrying just as their kids promote to standard 10th which is considered the first big step in a person’s education. Naturally they want their kids to have personal attention from their teachers to ensure their success. Mr. Kalra was one such parent but he did something different. He enrolled his 14 year old son in Vedantu which is an online education startup. It is an educational online market where the student gets to choose his/her teacher and learns complex concepts of trigonometry with ease. As of now, Mr. Kalra’s son has already completed over 25 hours worth of classes with the help of online video conferencing, lectures and doubt sessions from lecturers from Bangalore, Chennai and New Delhi.
New start ups like Vedantu, which raised over $5 million from Tiger Global, are emerging technology giants in education trying to change the conventional way of learning and methods of teaching. In recent times more such companies like Byju’s and SuperProfs are entering the market to change the way of teaching today. These start ups, popularly known as Education Technology start ups offer courses, learning material, online tests, doubt clearing sessions and interaction with some of the most esteemed professors in the country.
But the question is, how does this technology impact education?
Education has always been associated with books and classroom teaching. It was not so long ago that the concept of e-learning was introduced which applied basic technology and used modes like e-books and tablets to eliminate the hassles of offline chalkboard teaching. But the entry of ed tech start-ups is the next stage in education and here is why:
- Ed tech start-ups offer on the go study material in apps and on their websites. Through this, they are able to update their books with notifications to the users making sure the students have the latest material to study from.
- The apps and online websites have HD quality compressed videos that run smoothly on EDGE and 2G internet making the features available to even the remotest part of the country.
- Because every student signs up individually, they have their own profile on the website that tracks their performance, analyses their weak and strong points and presents course materials and test questions accordingly. This real time updating feature of ed tech tuitions ensures the student is capable enough to answer even difficult questions.
- Indian parents offer as much as money as possible for their children to excel but even then, this technology is easy on the pockets. Normally, if a student decides to attempt IIT, the preparation costs start from Rs. 70,000 per individual. But the services offered by ed tech tuitions are as reasonable as Rs. 150 per class. Students from lower middle class families can gain access to this material at lesser costs as Rs. 2000-5000 per course. This cost effectiveness of such start ups is an attempt to finish the conventional Kota (A place in Rajasthan for every IIT aspirant) study method that not only demands money in lakhs but also increases expenditure of the student living there.
- The students have anonymity giving them the freedom to ask any question to the lecturer, online video conferencing helps the student to learn despite geographical constraints.
SuperProfs is an online test preparation platform that has already uploaded lectures from over 200 professors across the country. Of the 1.5 lakh students that SuperProf caters to, only 40% students are from metros. Because students from 2 and 3 tier cities do not have access to good teachers, SuperProfs makes sure to bridge that gap.
Similarly, Byju’s is a Bengaluru start up that deals with online courses, tests, lectures and went from providing MBA aspirants course materials to teaching students from class 6 and upwards.
Because this market is new, it is still difficult for people to accept such untraditional form of teaching. But over the years, due to increase in the public’s access to internet, India has shifted its focus from offline to online portals. The effect of technology on education is such that financing of Ed Tech start ups went up from $944 million in 2013 to $1.5 billion in 2014 showing an increase of 71%. In just the second quarter of 2015, the market saw a jump of 96% to $2.3 billion compared to the previous year’s quarters. With more advancement in technology, impact on education will be tremendous taking learning to the next level.