An EdTech business that is set out to bring good quality educational content for a diversified consumer base.
India holds an important place in the global education industry. The country has one of the largest networks of higher education institutions in the world, with ~260 million students enrolled in >1.5 million schools and ~39,000 colleges, primarily dominated by the private sector. In India, the education market stood at US$ 100 billion in 2016 and is expected to reach US$ 180 billion by 2020, presenting itself as a lucrative opportunity for monetization.
The internet user base is expected to reach 735 million by 2021, highlighting a positive outlook for online education in India. With the highest adoption rate of technology among the youth and an exponential rise in the number of smartphone users, the country will witness an incredible pace of internet growth.
The online education market stood at US$ 247 million in 2016 with ~1.57 million paid users; is expected to expand at a 52% CAGR to reach US$ 1.96 billion in 2021 driven by increased consumer adoption, improvements in offerings and changes in business models. The paid user base is expected to increase from 1.57 million users in 2016 to ~9.6 million in 2021. Out of 1400 EdTech companies in the world, India has the second-highest number with 327 companies (10%).
Letstute is an online education company ideating to create a meaningful impact in an education segment. They have concentrated on creating ‘quality content’ to take it to public. Their mission is to provide quality educational content as an affordable price.
The founders – Atul Doshi is a Chartered Accountant with more than 25 years of experience in Finance and Compliance with various industries such as stock broking, financial services and other segments.
Shankar Vailaya is a Chartered Accountant and the founding member and director at Sharekhan (Stock Broking Company) for more than 25 years.
They started Letstute in 2013 with the aim to serve a better process in the education industry. The initial challenge was to create the right form of content that would be attractive to students in helping them learn. They are currently working on B2C model providing educational content directly to the students.
They are a content driven company and adding good content portfolio in academic, skill based and hobbies segment for all students, working professionals, entrepreneurs and house wives as well.
Atul’s view on the start-up community in India was, “Good to see lot many people coming up with new ideas and zeal to make some positive impact in society. People are leaving lucrative job offers and taking risk to give shape to their ideas. Government is providing good support and creating an open environment for everyone to operate.
He thinks that digitalization and automation are two concept which will impact each and every industry. His advice for young entrepreneurs and start-ups is to pursue your idea relentlessly.
The company’s motto is to connect Letstute whenever somebody thinks about education.