“India’s booming edtech market, which saw multiple startups and increased funding during the pandemic, is expecting further boost on the back of growth in higher education and lifelong learning segments,” said Abhishek Gupta, engagement manager, Redseer.
The transition to the credit system, and more students and working professionals realising the need for higher education, is further contributing to the boom in this sector, it said, adding, “The future is surely bright for this sub-segment, making it an exciting space to watch.”
The online education market, which includes K12, higher education and lifelong learning or upskilling in India is presently worth around $1.9 billion.
Lifelong learning includes vocational training, language and other specific skill set training that is delivered to working professionals or students who have completed their formal education.
The market for online lifelong learning will expand further with a “strong push after Covid as the economic uncertainty further establishes the need for continuous learning,” the report noted.
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Apart from the slowdown in education due to Covid, existing skills becoming increasingly redundant, job creation lagging behind new additions to the workforce annually, and a mismatch between industry requirements versus education curriculum in colleges are the other reasons for the growth, the report said. Also, since the waning of the pandemic, the University Grants Commission has allowed universities in India to offer up to 40% of courses a semester online.
The report also said there has been a sharp increase in mergers and acquisitions in the edtech space in India. India saw three new unicorns minted in the edtech space in 2021 – Eduditus, upGrad and Vedantu.
After a spree of acquisitions in 2021, Byju’s announced its recent acquisitions of Hello English and GeoGebra in March. Gurugram-based edtech startup CollegeDekho Group also acquired Getmyuni and IELTSMaterial this month.
