Ashwin Damera, Co-founder of Eruditus, took a hard stance against the negativity blanketing the edtech sector and said all edtech firms should not be tarred with the same brush owing to the controversies involving a few players.
“If there are 100 startups, 10 will shut down and 10 will succeed. It is normal. Unfortunately, there is only one outlier, and we do not want to be painted with the same brush,” said Damera, during a panel discussion at TechSparks Mumbai 2023 on Wednesday.
Hinting at a prominent player in the sector, Damera said most of the “bust” and the “boom” conversation was centred around this one company, while the industry continues to build strong products with a positive outlook.
Last year, some of the biggest players in the edtech sector came under fire for their operations, cost cutting measures, layoff moves, and overall business models.
Looking ahead
Damera emphasised that edtech startups, including Eruditus, are imbibing the principles of profitability and sustainable growth metrics, while also focusing on creating impact.
“It’s a phase where we are optimistic about what we are building. Its (edtech) not just business but also an impact,” he said. “As long as founders understand that edtech is both a public and private good, both a business and a mission, and if they can stay true to that, then (the) future is bright.”
Speaking on the growing opportunity in the sector, Sumeet Mehta, Co-founder and CEO, LEAD School, placed his bets on startups building for higher education and working directly with schools.
“A child spends six to seven hours in school. If you want to improve education, then it’s in schools. Both founders and investors are understanding this opportunity,” he said.
