InstaPreps by 7Classes plans to expand its operation into markets such as the United States (US), Dubai in the United Arab Emirates (UAE), Malaysia, Nepal and Canada, Anup Raaj, founder, InstaPreps told FE Education. “In Q2,FY23, we aim to launch online courses in these two countries, while in Q3, FY23, we aim to launch one offline centre in the US,” he said. Furthermore, the platform aims to expand its reach in tier 3 and tier 4 cities in India. The company aims to clock a net revenue of Rs 14 crore in FY23, however he declined to comment on the net loss.
The company reported net revenue of Rs 1.6 crore in FY22, while net loss stood at Rs 1.4 crore, claimed Raaj. While the expenditure for last fiscal stood at Rs three crore. The company clocked net revenue of Rs 36 lakh in FY21, as net loss stood at Rs 1.2 crore in FY21, revealed regulatory files accessed by business intelligence platform Tofler.
InstaPreps claims to have two verticals, firstly, 7Classes, which aims to focus on unprivileged students from rural India. Under this, the platform formulates a batch of seven students, and provides test preparation series at a cost of Rs five monthly, and confidence coaching pack at price of Rs 5,000 annually. “Our model of education is called ‘Green Education’ which consists of a 30 minutes test on a particular subject, with 60 minutes of lectures on the same, and 15 minutes of a confidence session,” Raaj explained. Secondly, the company provides online courses for National Eligibility Entrance Test (NEET), Joint Entrance Examination (JEE), and Olympiad aspirants at a cost of Rs 7,000 per month and Rs 84,000 per annum.
Currently, Instaprep claims to have 85,000 active users. In FY23, the company aims to enroll four lakh active users. According to the firm, in the USA, Canada and Middle East, it aims to sell its annual subscription based products at $300 for confidence coaching classes, $12 for test series and $3,000 for annual coaching sessions. Under 7Classes batches, in FY22, the company claims to have enrolled 250 students while in FY23 the company aims to enroll 16,000 students. “We also reach out to schools to conduct webinar and weekly sessions at free-of-cost to inform students of available courses,” Raaj added.