EduTech - An Answer to Modern Day Education
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The diffusion of technology with education has eased the learning process and the chance to excel even further for the new age students. Vamsi Krishna, the CEO of edutech major Vedantu, who is also one of three co-founders of the company, says, “We always felt the transformational power of education can have on society. We saw it as a powerful tool which can uplift a household as well as a nation.” And holding on to this vision, Vedantu has been able to bring 500+ teachers on their platform, who have in turn, taught more than 1 million hours to more than 40,000 students across more than 1000 cities from 30 countries and counting.
An amalgamation of education and technology, Vedantu specializes in LIVE Interactive classes, where using their in-house technology and internet they are able to identify teachers by choice and enabling them tools, which helps them reach and teach students from all across the world. It focuses on solving the problems and challenges of the offline learning model, through an online holistic platform to create a positive impact on how students learn.
In talks with Entrepreneur India, Krishna highlights the upheavals he leaped over and the varied facets of his edutech company.
Vedantu has already managed to generate $16.6 million funds, of which the last funding came in a couple of months back of $ 11 million worth. Answering the question about if they are looking forward to raising another round of fund, Krishna says, “There are no milestones that we have set for ourselves for funding, having said that we are operating in a very dynamic business world will look at all the future opportunities as it comes.”
Founded in 2014, the company had to wade through every troubled water that came in its way. The co-founder recalls the low point he faced in his journey. A company is nothing without its employees and letting the important ones go is worse for the company than the employees. Vedantu faced something similar. Recalling the company’s troubled times, he says, “The ecosystem was tight back then, which lead them to make some harsh decisions. The low point was that they had to cut down on some of the crucial employees.”
What is the next trigger of growth for Vedantu?
“According to a report by Google, KPMG online education will have tremendous growth in future, and this will have a significant impact on the EdTech market. Hence, Vedantu will continue to provide the services of online education to more students and help them adopt the online platform for education. Going forward we plan to continue to create tools which enable the teacher to assess the performance of students at a regular interval and make teaching easy, interesting, efficient and effective,” mentions Krishna.
Breaking even has two meanings, explains the co-founder, “One can be attributed to the overall profit of the company and the second is whether our investments in technology are showing results or not. If we look back at 2018, we can say that we are a well path to achieve the business objectives.”
Just like other startups, the edutech company is in a constant process of considering the crucial avenues to invest in order to attain greater profit. As Krishna explains, at this point, they are not concerned about making profits – “Our single most important goal right now is to reach out to millions and students a year. To achieve this, our focus is to invest in more innovations and distribution channels for reaching to more students,” he states.
And with the focus of helping more number of students, with their offerings, Vedantu marched forward with their journey.