Ed-tech company Infinity Learn backed by Sri Chaitanya Group aims to end FY23 with net revenue of Rs 150 crore, on the back of net loss of Rs 60 crore, Ujjwal Singh, CEO, Infinity Learn told FE Education. The company on Wednesday acquired a majority stake in Wizklub, an online learning platform for $10 million. “So far we have acquired three companies and have in total spent $10.5 million. Of this 25% of the fund was invested in FY22, and the remaining in the current fiscal. Internally through our parent company, we have raised $50 million, which will be utilised for such investment till June, 2023,” he added.
Infinity Learn which started its operations in June 2021 had also previously acquired Teacherr – a digital platform featuring the teacher community and Don’t Memorise – a concept multilingual content platform. According to Singh, with these acquisitions we wanted to be able to target a child from the start of her or her journey, till 12th grade. The company claims that post acquisition its learner base has increased from 3,000 to 1,20,000, across the country. The company aims to retain 60% of its users in the next fiscal year.
Currently, the company claims to have one lakh paid subscribers, who have subscribed at Rs 2,800. On the basis of this the company claims to have an annual run rate of Rs 28 crore. “Our subscription packages range from Rs 7,000 to as much as Rs 18,000 annually. The way it works is that first a student takes a test for Rs 299 and then we convert him or her to Rs 1,500 pack and then further based on preference she moves to the pack of her choice,” he explained. It also runs quarterly packages.
Its parent company Sri Chaitanya Group, plans to open 200 schools across Northern part of India. Of this the company has opened 20 schools in markets such as Punjab, Uttar Pradesh, National Capital Region (NCR). For Singh, hybrid is the way forward, and the company is working towards it.