It is a fact that funding in the EdTech sector is rising, though the media disagrees. If we look at the 2021-22 funding reports, facts state otherwise, favourably supporting the EdTech sector. According to the report created by EdTech Review – Research and Resource Center, it is claimed that 1633 deals were siphoned in the first half of 2022.
1. From these, 54 EdTech startups have made the $1 billion mark, paving their way to emerge as the Unicorns of India.
2. 14 unicorns have further upscaled between January 2022 and March 2022 by receiving humongous funding.
3. A Delhi-based EdTech bagged funds worth $600 million. This speaks volumes on how EdTechs receive support from investors.
Factoring in the Plusses
The Youth Bulge
India is currently experiencing a, ‘youth bulge’. Every developing nation witnesses this at least once during progression. According to experts, the ‘youth bulge’ is expected to last till 2030 (approximately). During such times, it becomes essential for the government to harness the potential of the youth and advantageously steer it towards the development of the Indian workforce and strengthen the nation’s GDP. The Skill India Mission launched in 2015, aimed at skilling 4 billion youth and meaningfully placing them by 2025. In the present day we have skilled 400 million and are still counting.
The Revised Learning Ecosystem
India had been swearing by the offline learning method. The pandemic threw light on the need to adapt and upgrade, compelling the NEP to revisit the curriculum after a little over three decades. This means, enterprises will now gain access to a talent pool of digitally literate individuals, working as a cohesive unit in an inclusive work environment.
The Fix to the problem (And EdTechs are quick on a heel)
According to the India Skills report of 2019, only one out of four placed beneficiaries survive the corporate culture. EdTechs stepped in to ensure that they serve the purpose of bridging the gap between the employer and employee and reduce attrition.
Technology transforms lives
The importance of skilling coupled with technology, is only being realized now! Skilling should be advocated as a life-long process that aids in advancement on one’s career path. Again EdTechs play the vital role between what is taught through traditional educational ecosystem and skillset required by enterprises, ensuring that learning plays an integral part in the growth curve.
Streamlining Processes to transparency
By implementing sophisticated software and technological frameworks like Learning Management System, we are transcending towards streamlining our education processes and making them transparent to all, including the instructor, the beneficiary, and the enterprise.
EdTechs are playing an integral role in upgrading the educational ecosystem in India. The segment is instrumental in introducing institutions to digitized processes and making education seamless and inclusive. A decade down the line, beneficiaries will become part of a classroom without walls as technology leads the way to build on an infrastructure that fosters sustainability and growth. These are the factors to ensure that the EdTech segment will be fuelled with a relatively good round of funding to cater to the growth of the learners, and the nation.