Unacademy, Eruditus and Vedantu collectively raised more than $500 million from investors.
Amazon India on Wednesday forayed into the expanding ed-tech space by announcing the launch of Amazon Academy which would enable students prepare for the Joint Entrance Examination (JEE) for engineering colleges. The on the net preparation providing will equip students with in-depth know-how and practice routines essential for the JEE, by way of curated studying material, live lectures and extensive assessments in Math, Physics and Chemistry,
Amazon mentioned in a statement. In addition to the JEE, these preparing for other engineering entrance exams like BITSAT, VITEEE, SRMJEEE and MET can also advantage from the accessible content sources. The content is at the moment accessible for cost-free and will continue to be for the next handful of months, the firm mentioned.
The ed-tech space is pretty competitive with players like Byju’s and Unacademy currently possessing carved a niche for themselves. This segment has observed a additional traction throughout the pandemic which gave an impetus to on the net studying procedures.
In an interview with FE in September final year, Byju Raveendran, founder and CEO at Byju’s, had talked about that the enterprise added more than 25 million cost-free customers on the platform in the final 5 months compared to just above 40 million in the very first 4-and-a-half years. “Students who benefited by accessing the content signed up for subscription…We are at 4.5 million paid users on a 70 million free user base. Now, a lot of users will continue learning online on the other side of the crisis and we expect the conversion to actually increase,” Raveendran had mentioned.
Experts point out that ed-tech is expanding on the back of modifications in the strategy to education and the speedy rise in the use of smartphones. Of the 3 broad categories – K-12 supplementary teaching for grades 1-12, test-preparation and larger education – analysts at HSBC reckon K12 provides the most prospective. “K-12 is unsurprisingly the biggest opportunity and we think the market can grow up to $5 billion in 5-7 years. Test-prep, which is higher education and government examinations could be a $1.5-billion opportunity over the similar time frame,” Yogesh Aggarwal and AbhishekPathak wrote in a current report.
The ed-tech sector has been cornering the bulk of the commence-up funding. Byju’s alone secured more than $1 billion from investors in 2020. Unacademy, Eruditus and Vedantu collectively raised more than $500 million from investors.