People born in or after 1990, might take the ease of access to knowledge for granted. Afterall, the invention of internet and its evolution into a central component of our personal & professional lives has brought with it numerous ways to waste time. In general, it is regarded as one of the most important and impactful inventions. Not only it has reshaped society but individual behaviour too. We have sometimes failed to reconcile previous practices with new technology. But today businesses are understanding the importance of analysing Big Data or establishing IT departments. Universities literally had to rush to keep up the pace to compete with online courses in terms of computer courses and research. There should be no hesitation in saying that Online Education is gaining ground as a viable option for people to learn and understand the basics of different subjects, on their own terms. To empower the online education sector through open source application of Technology, Edurev came into being.
About & Services
Founded by Kunaal Satija and Hardik Dhamija in May 2015, Edurev is an educational network based crowd sourced library where teachers create courses and content for learners, which in turn can be accessed from anywhere. “We started off with a different thing altogether. We started with an ERP for students, but it didn’t work out. Then we went on creating a platform where anyone can post anything, we wanted to be more like Youtube for educational content. Monetising was not in our plans, we wanted to create a library of content first, accessible by anyone. Now we’ve pivoted ourselves to a marketplace where people can find course-wise content with videos, tests, assignments etc,” said Kunaal.
When asked about the quality of content part, Kunaal stated that they verify every teacher offline and then only give access to them for creating the course online. With these verified teachers offering courses from computers to Entrepreneurship, anybody could learn anything with the right guidance. These teachers face everyday issues of composing that, compiling this, informing etc. Through this teachers can conduct in-house tests, send reports to parents, inform them about the improvements through sms etc. Students can be evaluated through analytics. “We then came up with a SaaS model for schools, colleges and coachings. This platform is exclusively for teachers to create content, evaluate and inform.”
Monetisation & Traction
Kunaal said, “We have this vision that education should be free and available to everyone. We’re trying to monetise on the technology and keep the courses free.” The company is monetising through content, the course generated money is divided 80-20 between the teachers and the company. For the SaaS platform they work on a subscription based model, where they charge coaching centres, schools by month or yearly. Also, the company is also generating revenues from adverts and promotions. The company claims to have more than 20,000 users and 150,000-200,000 visits a month with almost 3000 downloads.
Funding Details & Market
The company recently raised an undisclosed amount of funds. Kunaal stated that they’ve raised an additional amount and will come up the news soon.
According to a report, Indian education market is estimated to be worth Rs 5.9 trillion in 2014-15. With nearly half the population of India below the age of 25 and increasing penetration of Internet & mobile devices in this demographic the growth of online education market in India is going to be on a new high. The online education market is poised to grow to $40 billion by 2017.
With human attention span going below that of a goldfish (9 seconds), people have started to ignore long texts and many have given up reading. Tech-scientists and pundits believe that the only thing that can engage users has to be more than just plain text and images. People watch 3.25 billion hours of videos every month just on Youtube. User behaviour in the education industry has always been dependent on the level of experience the user gets. In this case, the easiness of learning.