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 with the increasing usage of internet, the online education market in India seems to be growing quickly. EduRev is a Gurgaon based Edtech startup which aims to make online education a viable option for people across the country.
Founded by Kunaal Satija and Hardik Dhamija , EduRev started its pilot operations in March last year and launched its portal officially in May. It 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 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. We wanted to create a library of content 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. The team started with operations in Chandigarh and is now operational in Pune, Haryana and New Delhi.
The content on EduRev is curated by verified teachers who create online courses around subjects ranging from Computer to Entrepreneurship. With these verified teachers, the quality of content is assured and anybody could learn anything from anywhere.
More than 40,000 students have already joined the EduRev network platform containing over 100 courses and 70,000 plus documents, videos and tests. The company will also launch more free courses for major fields of education. “We have the vision to build the largest educational network in the country. We want to make every field of education available for free online and monetize on the data. There lies a huge gap between the online and offline ed-tech space,which is helping institutions to shift their model from completely offline to online plus offline,” said Kunal.
Currently, the company is monetizing through the SaaS platform which works on a subscription based model, where they charge coaching centres, schools monthly or yearly. The company is also generating revenues from adverts and promotions. Also, EduRev has recently raised an undisclosed amount of funding in a Pre-Series A round from Pradeep Reddy Kamasan, who is part of Hyderabad Angels group. The company also plans to raise another $ 1 million by the end of the year.