“Edtech is having its demonetisation moment in India right now,” said Ankit Gupta, CEO and Co-founder of edtech startup Quizizz Inc., in a fireside chat at YourStory’s Investor Summit 2021.
The coronavirus pandemic brought several predicaments to the Indian economy and the business ecosystem. However, it compelled one and all to think digital and innovate in order to survive and thrive.
While talking about the consequences of the events that unfolded last year in the edtech sector, Ankit said, “Technology became a must have in the education sector in the wake of COVID-19.”
Ankit launched Quizizz in 2015. The Bengaluru-based learning platform supports more than 60 million people a month, and is used in over 65 percent of schools in the US. It has customers in over 100 countries and is profitable.
Explaining how the business was able to scale, Ankit said, “The best way to scale (in the edtech sector) is by empowering the teachers.” He also added that word-of-mouth is the biggest driver for growth.
The startup is backed by the likes of Eight Roads Ventures, Nexus Venture Partners, Prime Venture Partners, and several others. Ankit added that they were able to raise funding within six weeks of starting up. However, he was quick to add that raising funds is “just a tool” and the founders and investors must look at the larger picture of “building a sustainable company.”
Scope of edtech in India
India’s edtech sector saw an investment of $2.1 billion in the calendar year 2020, compared to $1.7 billion in the entire previous decade according to an edtech sector thematic research report by Anand Rathi Advisors Limited (ARAL). In addition, the edtech industry is poised to reach $12 billion by 2025, the same report suggested.
Ankit said that there is a lot of scope in this segment including in tests, after school learning, upskilling, corporate learning, etc. He said that if someone wants to make an impact in the education sector, they must focus on engagement.
“With so much going on, it is hard for even adults to focus. The platform was started with the intention of looking for ways to keep the student community engaged and motivated,” he said.
Ankit further added that localisation is an important tool for edtech companies to create an impact. He said, Quizizz, for example, has localised the support and guidance instructions by rolling them out in several languages to bolster adoption.
He concluded by saying, “We want to take quizzes to each and every learner around the world irrespective of language, location or learning environment.”