NEXT Education aims to clock net revenue of Rs 200 crore in FY23; plans to launch product in Middle East | The Financial Express

NEXT Education aims to clock net revenue of Rs 200 crore in FY23; plans to launch product in Middle East

The company is focused on resuming its profit and is expected to witness a 5x growth by FY25.

NEXT Education aims to clock net revenue of Rs 200 crore in FY23; plans to launch product in Middle East
NEXT Education closed FY22 at Rs 87 crore.

SaaS based ed-tech platform NEXT Education aims to clock a net revenue of Rs 200 crore in FY23 on the back of a net profit of Rs 20 crore, Beas Dev Ralhan, CEO, NEXT Education, told FE Education Online. The company plans to increase its net revenue to Rs 1,000 crore in the next three-four years. To achieve the same, it plans to reach 1,000 school adoption by its new offering, NEXT 360 and NEXT Academic Partnership Programme. Furthermore, the company plans to launch its operating system on an international platform by adding the Middle East, Saudi Arabia, Jordan, and Latin America into its market space. “Our product has the true potential to become a global solution. We are already in talks with some companies in the Middle East as our services are available now in Arabic as well,” Ralhan said.

According to Ralhan, NEXT Education closed FY22 at Rs 87 crore. The company posted a net loss of Rs 40 crore in the same fiscal. “We were profitable till FY20 before COVID. However, in the last two years we have incurred a loss of Rs 40 crore in each year,” Ralhan said. He added that the company is focused on earning back its profit and is expected to witness a 5x growth by FY25. “Even if we count 1,000 out of the 8,000 schools which use our one or the other service, we would be able to reach our target,” Ralhan claimed.

To generate revenue, NEXT Education partners with schools to provide education based software as a service such as in-house digital content, integrated and interactive curriculum, and cloud-based solutions. It caters to administrative, academic, and assessment needs of schools along with round-the-clock support and service. The average ticket price of the company’s new offerings (NEXT 360 and NEXT Academic Partnership Programme) is around Rs 12 lakh per school annually.

Furthermore, the company claims to have its presence across India. “We are partners with around 25 schools and around150 schools use our curriculum product,” Ralhan said. He further mentioned that NEXT Education has acquired rights of a book from the Indian Institute of Technology (IIT) Bombay named ‘Computer Masti’. The curriculum of the book is created by computer science professors at IIT Bombay in collaboration with Next Education.

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First published on: 25-11-2022 at 08:00:00 am
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