Online teaching and education seem like never heard or never thought of before today. Isn’t it? But now the condition, situation as well as circumstances are demanding safety from every possible way and side. Now the one and only option to keep children and their education going is ‘online Education’.
Many businesses have gone down the line due to the ongoing Covid-19 crisis, but education section and sector seems to be blooming as the schools are shut for over 2 months now. The demand for online teaching is increasing day by day.
Bengaluru based edtech start-up Vedantu too has witnessed a notable flow after it announced free access. The platform has rapidly grown to 6,50,000 additional learners across K-12 & Competitive Exams including JEE and NEET.
“More than and a million students have attended live online classes in the past one month and the total watch time of those video classes stands at a staggering 1 billion minute.” According to the company.
The company in a statement said: “Vedantu’s collections and revenue grew by 80% over the previous month, achieving the highest growth over the collective last 2.5 years.”Vedantu was founded by Vamsi Krishna, Pulkit Jain, Saurabh Saxena and Anand Prakash. Vedantu’s most important business is to provide live classes from class 1 to 12th.
Vedantu also provides live interactive sessions for NTSE, PSA, KVPY, IMO, JEE Mains and other competitive exams.Apart from Vedantu, edtech majors Byju’s,Toppr, Unacademy have also seen a fast rush in users’ growth and involvement on their platforms.
Recently, Unacademy claimed to have seen an 82% surge in revenue in April in comparison to the previous month along with registering more than 10X growth as compared to April 2019. Toppr too who has seen a traffic search during lockdown with its upskilling courses in high demand.
Due to the lockdown, students are using Byju’s daily and spending an average of 100 minutes per day. In the last month alone, the company claimed 6 million new students learning from its app
A report provided by marketing intelligence platform SimilarWeb for 28 days till April 29 showed that Byju’s got 2ndposition while Unacademy was ranked 5thin terms of traffic post the announcement of the lockdown. Toppr has jumped to 4thposition and Vedantu which was the highest within the pre-COVID period has slipped to 7thposition.
In terms of funding and evaluations, Vedantu has raised $7 million in its ongoing series C round at evaluation of about $280 million last month. While Byju’s was valued at about $8.2 billion in the last round, Unacademy was valued $510 million in February 2020.