In a bid to expand its footprint in tier 2 and 3 cities, ed-tech platform MentorKart plans to partner with local coaching institutes and launch its offline study centers. “We aim to launch 50 study centers across Indore, Bhopal, Pune, Chandigarh among other cities by the end of FY23,” Ashish Khare, co-founder, MentorKart told FE Education online. The centers will offer MentorKart courses to institutes’ existing students. Further, mentors at these centers will assist learners with their doubts and assignments, claimed Khare. As of now the company is in the process of onboarding coaching institutes with minimum 10 years of experience.
According to Khare, the company aims net revenue of Rs 7.5 crore by the end of FY23 on the back of net loss worth Rs three crore. However, when enquired he refuted to comment on the loss for FY23 as well as on the financials for FY22. He clarified that in the first year of operation that is FY22, the company did not generate a substantial revenue as it focussed on building the platform and primarily offered free classes to learners. “To scale our main revenue generation model, which is a job guarantee programme, we need to build our product first and gather a community of students,” Khare added.
Furthermore, under the job guarantee programme which started in April 2022, students can pay the course fee to MentorKart after being placed at an organisation. “We have conducted seven batches so far across subjects with batch size ranging between 100-200 learners,” Khare added. The company claimed to have created two price ranges for the courses – while the technical programmes are priced at Rs 96,000, non-technical programmes cost Rs 72,000. This means for a technical course a learner needs to pay Rs 8,000 every month for a year, similarly for non-technical courses, the installment is Rs 6,000.
Additionally, the company claims to have partnered with universities to offer its courses to their students. As a part of the partnership universities will purchase MentorKart’s yearly subscription for a minimum guarantee of 250 students. “This way we will get access to a large number of learners which will add up to our prospective leads and increase our top of the funnel customers. This will begin from September, this year,” he added. Currently, the company has partnered with 50 universities and aims to onboard 200 more by FY23.