From last 100 years education is one field which has undergone tremendous transformations in every decade. As e-education has already gained its pace, now its time to connect students over a platform wherein learning can be more fun and interactive. With 30k+ registered members from 8 different spheres, one such platform for upcoming Medical, Engineering, MBA toppers is Baroda, Gujarat based Mytestbuddy.com.
Mytestbuddy.com is a venture started 2 years back by medico and MBA duo Deep Lodhari and Kaizad Hansotia with a very simple idea – while using social gaming technology and Web 2.0 infrastructure, create a fun learning environment wherein a student can study online at his pace and learn much more than what he would on his own. The aim is to make an educational social learning space where students, teachers and other educational players can come together and help students study and prepare online for their examinations.
The platform currently helps prepare students for standardized tests including the SAT, GMAT,GRE, CAT, AIEEE AND IIT- JEE. The site offers both free and subscription based question banks, practice tests and full length mock tests. It also provides virtual simulations of the competitive examinations, thus allowing students to take diagnostic checks on their own learning patterns and get to know what their weak and strong areas are.
When asked about the revenue model, Kaizad said that the major revenue source is the premium memberships for the students that can be availed for INR 1200. Apart from this, they have a product called as “Online Class”. This is a B2B Model where academic institutes and coaching centers can use their software as a service (SAAS) services.
The payment can be made online. Also, Mytestbuddy.com products are available at some of the most prominent book stores across Gujarat.
Talking about the market opportunity in this space, Kaizad said that over 50% of population of India are below the 25 years of age. Many of them are still studying and will compete for some entrance exam or the other depending on their career of choice. With growing internet penetration in the country, Mytestbuddy is such a platform where students can rely for their learning needs without having to spend large sums of money.
As per the team, convincing parents and teachers for Mytestbuddy was the major challenge faced in the initial days. However, at present they offer a lot many features like ‘Parent Watch’, where parents can see their student’s products; online class for teachers, where they can monitor their students progress and provide students with online assignments and much more.
Currently the team is utilizing social media and word of mouth as their marketing tactics. Also, they are reaching students by conducting “Germinator” Program in universities, recruiting interns from nearby colleges and conduct seminars on campus.
A self funded company with an initial investment of INR 1.5 crores is now on the verge of breaking even. According to founders, with more than 25000 – 30,000 Page visits every month and over 30,000 Premium users, this is the time wherein some fresh investment can be infused to create better technological infrastructure and provide best services to customers.
“An investment of 1 million dollar is something that will allow Mytestbuddy to grow exponentially by riding on the wave of technological change that education sector is about to witness in the coming years “, said Kaizad.
The other players in this sector include Meritnation, Edusoft, Examify, Edukart, 2tion.com etc.