INDUSTRY AWARENESS

Report on Education Industry

Made by: Group 6 - Section F

Group Member Name Roll No. Mobile No.

Ananya T Jith 2020IPM025 75599 49355
Kartik Sodvadiya 2023PGP349 98980 69496
Misha Shah 2023PGP202 99740 02456
Parshva Dugad 2023PGP236 95037 85128
Sidhant Patole 2023PGP242 92846 13191

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 Education Industry in India

Executive Summary:

India's education sector is undergoing a significant shift, spurred by a sizable youth population.
Prior to the pandemic, trends pointed to a rise in e-learning and EdTech use, as well as initiatives
to improve higher education and supportive governmental regulations. Future education will be
defined by the incorporation of cutting-edge technology like augmented/virtual reality,
personalized learning, and artificial intelligence, while vocational training will become more
important in high schools.

International partnerships, a variety of textbook languages, and creative teacher preparation

programme are some of the major advancements over the previous two years. The agreement
between India and Singapore strengthens the country's strategic alliance by highlighting the
significance of lifelong learning and skill development.

Following Covid, e-education showed promise by enabling continued learning despite setbacks.
The epidemic promoted a move towards blended schooling and faster digital literacy. It did,
however, highlight problems like the digital divide, which affects kids with little access to
technology.

E-education can increase accessibility and diversity, but there are downsides, including
interruptions to established educational institutions, delayed tests, and placement delays. The
transition to online education has also highlighted the need of a nurturing home environment and
parental participation. Balancing technological breakthroughs with equality and accessibility
continues to be a significant problem for India as it navigates the rapidly changing educational
landscape.

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 TABLE OF CONTENTS

Topic Page No
I.INDUSTRY PROFILE
A. Overview of the industry 4
B. Technological Trends and Innovations 7
C. Mergers & Acquisitions deals in the Industry in India 8
D. Analyst’s Views of the Industry 9
II. PLAYERS’ PROFILE
Key Players and Their Profiles 10
III. MACROECONOMIC
A. Government Regulation & Policy Changes 14
B. Impact of Union Budget 15
C. Foreign Direct Investment 16
REFERENCES 17

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I. INDUSTRY PROFILE

A. Overview of the Industry:

India boasts the world's largest population in the age group of 5-24 years, with a staggering 580
million individuals, offering a substantial opportunity within the education sector. Globally, India
holds a significant position in the education industry, featuring one of the most extensive networks
of higher learning institutions. However, there is still ample room for growth and advancement
within the educational system.

1. Growth of the Industry:

Rising Gross Enrolment Ratio:

100% enrolment ratio at Primary level, comparable to developed nations. By 2035, the Gross
Enrolment Ratio in higher education, including vocational education, is expected to rise from
26.3% (as of 2018) to 50%.

Growth in Online Education & Edtech:

India has 622 million active internet users in 2020; by 2025, that number is projected to rise by
45% to 900 million.
Regulatory efforts Favourable government initiatives such as The National Education Policy
(NEP) 2020, Sarva Shiksha Abhiyaan, Rashtriya Ucchatar Shiksha Abhiyan, and programmes like
Skill Up India are aimed at transforming the Indian educational system to suit the demands of the
21st century.

Improving Higher Education Ecosystem:

In April 2022, the University Grants Commission of India (UGC) established rules allowing
overseas partners to collaborate to offer joint, dual, or twinning programmes. Foreign institutions
may establish offshore units in India thanks to IFSC GIFT city.

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Large English-speaking population:
This allows easy delivery of educational products. India was ranked 48th out of 112 countries in
the English Proficiency Index 2022.

Increasing Investments:

Over the last two decades, there has been a substantial growth in private investments within the
Indian education system. Specifically, during the period from January to March 2023, edtech
startups in India collectively raised an impressive $2.8 billion in funding.

2. Present and Future Trends:

 Blended learning is becoming more popular thanks to COVID-19, which has increased the
use of digital technology in education. Educational institutions adopted a blended learning
approach. It inspired all educators and learners to advance their technological literacy.
Numerous chances for a significant shift in curriculum design and pedagogy were created
by new modes of learning assessment and delivery. Additionally, it provides access to big
student populations at once.
 There is enhanced Digital Literacy across the country due to Government as well as Private
initiatives.
 Demand for Open and Distance Learning is increasing now.

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  There has been an increase in the use of electronic media for sharing information.

3. Major Events in the past 2 years:

 India and Singapore agree to create opportunities for lifelong learning, building a future-
ready workforce, and making knowledge & skill development a key pillar of strategic
partnership.
 New NCERT textbooks will be produced or created in the 22 languages listed in Schedule
VIII.
 Beginning with the academic year 2023–2024, 57 reputable Central and State Government
Universities and Institutions will begin offering the 4 Year Integrated Teacher Education
Programme (ITEP).
 A Framework Mechanism for Mutual Recognition of Qualifications is signed by Australia
and India.
 The Atal Innovation Mission (AIM), in collaboration with the Indian Space Research
Organisation (ISRO) and the Central Board of Secondary Education (CBSE), launched the
ATL Space Challenge 2021 in September 2021 for all Indian school children.
 The BITS School of Management (BITSoM) and the London Business School (LBS)
partnered in May 2021. Three areas will be the emphasis of this partnership: a curriculum
for student participation, LBS faculty teaching at BITSoM, and creating a collaborative
executive course for women executives.
 The NSDC introduced India's largest "Impact Bond" in October 2021 with a US$14,4
million fund to assist 50,000 young people in the nation in acquiring job-relevant skills.

4.Importance to Economy:

Approximately 30 million individuals are engaged in various roles within the education sector,
encompassing teaching, non-teaching, and support staff. This translates into providing livelihoods
for around 120 to 150 million citizens in the country, establishing education as one of the top five
employment generators in the nation.

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Education fosters critical thinking and action among people. A higher level of education equips
individuals to prioritize factors such as education, sanitation, social progress, among others,
ultimately benefiting society. Education also nurtures cultural competencies in individuals.

The number of startups in India has experienced remarkable growth, surging from 8,000 in 2016
to exceeding 60,000 in 2023, with a predominant focus on the technology sector. It is noteworthy
that over 50% of entrepreneurs in India hold college degrees. Education plays a pivotal role in
fueling this surge in startups, and the government actively contributes by providing financial
backing and support to budding entrepreneurs.

B. Technological Trends and Major Innovations:

Artificial Intelligence

By delivering personalized learning experiences, enhancing access to education, and closing the
knowledge gap, artificial intelligence has the potential to revolutionize education. The ultimate
objective of AI adoption must be to lessen current educational inequities rather than to reinforce
them, therefore it must be done in a fair and equitable manner.

Augmented Reality and Virtual Reality

Experiential learning and virtual classrooms will grow in popularity. There are also textbooks with
augmented reality (AR) that have models and photos that, when seen with a smartphone camera,
come to life.

Remote, Digital and Personalized Learning

The pandemic accelerated remote and online learning, expanding access to education for remote
and rural communities. A notable 2023 educational trend is personalized learning, which caters to
students' particular needs and interests and results in a more inclusive and productive learning
environment. Personalized learning is driven by individualized planning and project-based
methods.

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C. Mergers and Acquisition deals in the EdTech Industry in India

The decline in the number of acquisitions in the education technology (edtech) sector is majorly
due to a significant reduction in startup funding. According to data from Tracxn, funding for edtech
companies fell sharply from $6.22 billion in the period from April 2021 to March 2022 to just
$1.33 billion in the same period in the next year. Also, the size of mergers and acquisitions (M&As)
in the edtech industry has decreased. Tracxn's data reveals that the average size of 10 disclosed
deals out of 45 between April 2021 and March 2022 was around $112 million. In contrast, the
average size of 4 disclosed deals out of 15 in the following year was $23.5 million. This trend is
shown by the recent acquisition of the upskilling platform iNeuron by the edtech unicorn Physics
Wallah for $30.2 million.

Physics Wallah is a rare profit-making edtech startup. It has been actively pursuing acquisitions
since becoming a unicorn, with WestBridge Capital and GSV Ventures investing $100 million. As
per Prateek Maheshwari, Co-founder of Physics Wallah, they have already allocated $40 million
for M&As and the other $60 million is also aimed to be used for this purpose. Some of their

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acquisitions, such as PrepOnline and Altis Vortex, were aimed at strengthening Physics Wallah's
offerings in categories like NEET, GATE, and other test preparation segment.Physics Wallah also
made its first international acquisition by purchasing the UAE-based startup Knowledge Planet in
March, seeking to expand into the Middle East market.

As the edtech landscape becomes more defined, smaller players without significant financial
resources are likely to collaborate in complementary areas. K-12-focused Toprankers, which had
raised $4.67 million over two funding rounds, acquired the career guidance platform ProBano in
a cash-and-stock deal. Like many other edtech companies, Toprankers is also exploring
opportunities for expansion in the offline education space.

D. Analysts View of Companies/Industries

According to Sarvesh Agrawal, the CEO of Internshala, the prevalence EdTech, has evolved the
way people learn, since it has made education accessible at any time and from anywhere. This
transformation is facilitated by technologies like Artificial Intelligence (AI), Machine Learning
(ML), and the Internet of Things (IoT), which are reshaping the approach to online teaching.
Companies can now leverage these innovations to offer courses through digital platforms at a far
lower cost than traditional education.

The Edtech sector can significantly narrow the learning gap and transform the future of education.
In India, venture capital investments in the EdTech sector have seen exponential growth, surging
from 500 million in 2010 to a remarkable 16.1 billion in 2022. Projections suggest that this sector
is on track to reach a staggering US$ 30 billion by 2031. This growth can be attributed to the
following factors:

1. Affordable Online Education: According to KPMG research, online skill learning courses are
53% more cost-effective than their offline counterparts.

2. Access to Quality Education: Projections indicate that the online education market in India will
grow by US$ 2.28 billion from 2021 to 2025, with a nearly 20% CAGR.

3. Increased Internet and Smartphone Usage: In 2021, approximately 830 million people had
internet access, and it is projected that by 2026, one billion people will own smartphones in India.

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This digital transformation facilitates aspirants from remote areas, to access education and skill
development courses through distance learning.

4. Government Policies: Initiatives like Digital India and Skill India aim to enhance digital
literacy, create knowledge-based societies, and ensure equitable access to quality education.
Additionally, the government's allowance of 100% Foreign Direct Investment (FDI) in the
education sector has encouraged the entry of new EdTech players.

India's edTech sector is on a remarkable growth trajectory, driven by factors such as affordable
online education, quality resources, infrastructure enhancement, upskilling opportunities,
increased digital adoption, and supportive government policies. The future of education in India
and beyond appears to be increasingly digital, promising wider access to knowledge and skills for
all.

II. PLAYERS PROFILE

Key Players and Their Profiles –

1. BYJU’S

Founded: 2011

Headquarters: Bangalore, Karnataka

Founders: Byju Raveendran and Divya Gokulnath

BYJU'S, a prominent name in India's booming EdTech sector, registered under the name of
“Think and Learn Pvt. Ltd.” has emerged as a trailblazing force in revolutionizing education.
Founded by Byju Raveendran in 2011, this innovative learning platform has garnered
international acclaim for its transformative approach to teaching and learning. With its engaging
and interactive content, BYJU'S caters to students from kindergarten to higher education, making

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complex subjects accessible and enjoyable. The company's adaptive learning modules, coupled
with a commitment to personalized education, have earned it a substantial market share and a
valuation exceeding $16 billion as September 2021.

 Operating revenue: - saw a hike of +4% YoY, which tells us that the Company is doing
good in terms of its operations.
 Sales: - Around 81% sale is from Edtech Products followed by Course fees attributing
around 14% of sales with a 4% share of revenue from Streaming Services.
 Acquisitions: - Byju’s as a leading Edtech brand has been able to acquire few big
emerging players namely “Aakash Educational Services” ($950M), “Great Learning Pvt.
Ltd.” ($600M), “Whitehat Jr.” ($300M) etc.

2. unacademy

Founded: 2015

Headquarters: Bangalore, Karnataka

Founders: Gaurav Munjal, Hemesh Singh and Roman Saini

The second major player in Indian Edtech Industry is Unacademy, registered under the name
“Sorting Hat Technologies Pvt.Ltd.” a prominent EdTech powerhouse in India, has disrupted the
traditional education landscape since its inception in 2015. Known for its live online classes and
interactive learning platform, it has gained significant market share, particularly in the
competitive exam preparation segment. With a valuation of approximately $3.44 billion,
Unacademy is empowering millions of learners with accessible and quality education.

 Operating revenue: Operating revenue of the firm saw a similar trend in FY’22 and was
up by +82% YoY. However, forecasted operating revenue is down by -14% YoY in FY’23

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 as company is losing its money due to current market conditions and a kind of pessimism
in people about the online education.
 Sales: Major chunk of revenue is being generated from Sales of Educational Services
(84% share)
 Funding received: The company with its consistent operations has been able to raise a
Series H funding of $440 Million in Mar’21 after which company’s valuation crossed
$1Billion mark.
 Acquisitions: Firm has been able to acquire 5 giants in the Edtech Market from 2020,
with investing around $21 Million in “Prepladder” and acquiring a whooping 84.24%
stake in “Tapchief” after investing $6.9Million in the company. They also acquired “Gate
Academy” in 2022 and Unacademy’s subsidiary “Graphy” acquired “Spayee” with an
investment of $3Million.

3. UpGrad –

Founded: 2015

Headquarters: Mumbai, Maharashtra

Founders: Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, Ravijot Chugh

Another Prominent name In Indian Edtech industry is “UpGrad” registered under the name
“UpGrad Education Pvt.Ltd.”. With a market valuation surpassing $1 billion, UpGrad has
successfully bridged the gap between academia and industry by collaborating with top
universities and experts. The platform offers a diverse array of courses that empower learners to
acquire new skills and advance their careers.

 Operating revenue: Stands at $679 million which saw a hike of +108% YoY.
 Sales: Company generates 99.55% of revenue from its online educational services.

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  Funding received: In the past 2 years since Mar’21 company has been able to raise a
funding of $668.2 million.
 Acquisitions: With its ever-increasing positive operating revenue, UpGrad was able to
acquire 3 major competitors in 2022, “Centur Learning”, “Exampur” and “Harappa”.

4. PhysicsWallah –

Founded: 2020

Headquarters: Noida, Uttar Pradesh

Founders: Alakh Pandey and Prateek Maheshwari

Physics Wallah (Physics Wallah Private Limited) is an Indian Ed-Tech startup headquartered in
Noida, Uttar Pradesh. Founded by Alakh Pandey and Prateek Maheshwari in 2020, the company
provides an affordable and comprehensive learning experience for students of classes 6-12 and
those preparing for NEET and JEE examinations. With over 3.5M+ registered users, the major
contributions to its growth and ability includes an efficient customer acquisition strategies and
extensive online presence. As of June 2022, it has unicorn status with a valuation of $1.1B and
funding of $100M and is valued at $3.3 Billion as of August, 2023.

 Operating revenue: In 2022, Operating revenue of the firm skyrocketed to a 9.5x

increase compared to its operating revenue in 2021 and is expected to grow more than 3x
in the upcoming year.
 Sales: Revenue during FY22 was limited to their educational services including coaching
and sales of study materials.
 Expenses: Expenses for FY22 recorded employee benefits as the largest cost center
covering 41% of total expenditure.

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III. MACROECONOMIC:

A. Government Regulation & Policy Changes related to the Industry

National Education Policy 2020:

It is based on the principle that education must develop not only cognitive capacities - both the
‘foundational capacities ’of literacy and numeracy and ‘higher-order’ cognitive capacities, such as
critical thinking and problem solving – but also social, ethical, and emotional capacities and
dispositions.
This National Education Policy 2020 Policy proposes the revision and revamping of all aspects of
the education structure, including its regulation and governance, to create a new system that is
aligned with the aspirational goals of 21st century education, while building upon India’s traditions
and value systems. The National Education Policy 2020 lays particular emphasis on the
development of the creative potential of each individual.
This policy envisages that the extant 10+2 structure in school education will be modified with a
new pedagogical and curricular restructuring of 5+3+3+4 covering ages 3-18 as shown in the
representative figure. Currently, children in the age group of 3-6 are not covered in the 10+2
structure as Class 1 begins at age 6. In the new 5+3+3+4 structure, a strong base of Early Childhood
Care and Education (ECCE) from age 3 is also included, which is aimed at promoting better overall
learning, development, and well-being.

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Intellectual Property Laws:
Ed-Tech platforms, whether creating or acquiring educational content, must safeguard their
intellectual property. The Copyright Act 1957 protects their educational content as "literary
works." Copyright protection in India is automatic and lasts 60 years after the author's death. The
Trade Marks Act 1999 covers trademarks like logos and product names. While registration is
recommended for legal proof, common-law protection also applies. The Patent Act 1970 protects
inventions, but software, algorithms, and business methods are not patentable unless paired with
hardware. Ed-Tech platforms should avoid disclosing unique features publicly to preserve
patentability. Trade secrets and know-how are protected under common law in India, emphasizing
the need for strong agreements and policies.

Education Specific Laws:

Education in India is regulated by bodies like the University Grants Commission (UGC) and All
India Council for Technical Education (AICTE). UGC's 2020 guidelines permit undergraduate and
postgraduate online programs, with approval required for Ed-Tech platforms. AICTE's 2021
guidelines extend online offerings to certain technical courses. However, a 2022 UGC notice
prohibits HEIs from entering franchise agreements with Ed-Tech platforms for online courses.
HEIs are responsible for their online offerings under UGC guidelines.

B. Impact of Union Budget

The education sector received the highest ever allocation of the budget or INR 1.12 lakh crore, a
2.9% share of GDP. The allocation allocation of funds to school and higher education increased
by 8% from last year, following the directives of the NEP 2020. Every school across India has to
follow NEP 2020 guidelines for the holistic development of students. The Finance Minister
announced some important measures to enhance the education sector.
1. Centres of Excellence for AI Research to be established in top institutions to make the
vision of ‘Make AI in India’ and ‘Make AI work in India’ a reality. This aims to create an
effective AI ecosystem in multiple sectors including healthcare and agriculture.

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 2. The PM Kaushal Vikas Yojana is a skill development initiative aims to develop 21 st century
industry relevant skills among the youth. Skills like robotics, coding, 3D printing would be
taught.
3. A National Digital Library is aimed to be established to facilitate the availability of quality
books across regions, languages and genres for children as well as teenagers. There would
be physical libraries at Panchayat levels as well.
4. Education to be made more accessible till the last mile, for which the Government would
recruit more than 38000 teachers and support staff for the 700+ Eklavya Model Residential
Schools. This aims to serve over 3.5 lakh tribal students.
The measures are proposed to allow the education sector to keep growing continuously.

C. Foreign Direct Investment (FDI)

India has allowed 100% Foreign Direct Investment (FDI) in the education sector. A testament to
this is the fact that the government introduced initiatives such as the National Accreditation
Regulatory Authority Bill for Higher Education and the Foreign Educational Institutions Bill to
support the education sector.
From April 2000 to March 2023, the education sector received US$ 9.2 billion in Foreign Direct
Investment (FDI). Indian edtech startups have attracted a total investment of US$ 3.94 billion
across 155 deals in FY22. In June 2022, PhysicsWallah, an edtech platform, achieved unicorn
status by raising US$ 100 million in a Series-A funding round from WestBridge Capital and GSV
Ventures, valuing the company at US$ 1.1 billion. Given the magnitude and diversity of
investments like these, the Indian education market can be expected to reach US$ 225 billion by
FY25. This is indicative of significant growth opportunities.

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upgrad

Declaration for not using ChatGPT in the report

We, the members of Group Number 6 from Section F, hereby declare that we have not used

ChatGPT or any other chatbot or artificial intelligence tool to generate or assist in the writing

of our report. We have written the report entirely by ourselves, using only the sources and

references that we have cited properly. We have also checked our report for plagiarism and

ensured that it is original and does not contain any copied or paraphrased content from other

sources.

We affirm that the information given in this declaration is true and correct to the best of our

knowledge and belief.

Date: 03/09/2023

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