Schools, colleges, educational institutions are shut all over India due to the Coronavirus epidemic. Students are resorting to other means of gaining education by adopting online learning; as a result, there is a big boom in the online education sector. New, as well as well established education tech startups in India, are taking advantage of this transition. In just four months, 13 education startups have raised Rs 71000 crore from investors.
Byjus, Vedantu and Unacademy have made several acquisitions in 2020. Byjus acquired code training app WhiteHat Jr. for $ 300 million, which is the fifth acquisition by the company. Similarly. Moreover, Byjus became the most significant education tech sector after when Facebook raised funding in the first quarter of the year, raising $ 400 million (about 3 thousand crores). Unacademy purchased Startup PrepLad, a medical entrance exam preparation, for $ 50 million in July. A new name has now got added to the list of Funded Education Tech Startups, and that is Topper which has raised 350 crores in Series-D round funding.
But in the meantime 14, Education Tech startups have also successfully raised funding of 71,000 crores, 9 of which have seed funding, which suggests that investors are ready for early-stage startups. Other education startups have raised a lot of money in the last few months due to the sudden increase in millions of new users. By 2020, the size of the e-education segment is expected to grow to $ 3.5 billion by the way the Indian online education market is currently expanding. With this, students studying through online apps and platforms have increased from 4.5 million to 9 million in a year which includes paid and free subscription.
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Companies providing e-education in the country are contributing jobs on a large scale to make the academic content which students need to study through online videos. These educational platforms are creating thousands of jobs, thus providing opportunities for people.