Ed-tech platform ConveGenius plans to expand in North-Eastern India and South East Asian market in FY23, Jairaj Bhattacharya, founder, ConveGenius told FE Education Online. In the international market, the firm claims to focus majorly on Singapore and Vietnam. Furthermore, the company aims to clock a turnover of Rs 50 crore in FY23. “Currently we don’t focus on profit generation, we aim to be at break even for sustainable growth,” Bhattacharya said.
Convegenius claims to monetise through two major verticals, namely Convegenius Insights Private Limited and Convegenius Edu Solutions Private Limited. According to the company, in FY21, its total turnover stood at Rs 15 crore. Regulatory filing accessed by business intelligence platform Tofler revealed that Convegenius Insights Private Limited’s revenue from operation declined 73% to Rs 1.57 crore in FY21 from Rs 5.83 crore in FY20, whereas, Convegenius Edu Solutions Private Limited’s revenue from operations in FY21 declined 19% to Rs 13 crore from Rs 16 crore in FY20. In FY22, ConveGenius claims to have clocked a total turnover of Rs 27 crore. The company declined to comment on the net revenue of FY22. According to the firm, it posted a net loss of Rs 3.5 crore in FY22.
According to Bhattacharya, the company provides Software as a service (SaaS) products to schools and institutions at an average ticket price of Rs 500-700. Currently the company works with 1,500 schools in collaboration with five lakh paid-users. In FY22, the firm claims to have collaborated with more than 2,000 schools with 10 lakh paid-users. The company also claims to run Swiftchat, an artificial intelligence (AI) based chat-bot application for users. “The main objective of this platform is customer acquisition,” Bhattacharya added.
Earlier this month, the company collaborated with the government of Goa to launch Swiftchat with the use of Natural Language Processing (NLP) to analyse users’ needs in the teaching-learning process and governance practices. Currently the platform claims to provide chat-bot service in 10 languages of Northern India. “In FY23, we aim to collaborate with state governments of Assam, West Bengal and other North-eastern states,” Bhattacharya said.