Yocket: Studying overseas made simple and hassle-free

This tech-based startup leverages AI and ML to help students find the best university for studying abroad

Sumeet Jain
Sumeet Jain

Indians have always regarded studying abroad as an expensive process. While it is somewhat true, it is an exhaustive process too. Lack of right guidance, problems with education loans, visa applications, and accommodation are among the primary hurdles. These issues had prevented many an Indian student from even thinking of going abroad for higher studies. This was the root cause behind launching Mumbai-based Yocket in 2015, a platform that leverages AI and ML to help students find the best university for studying abroad. The founders of Yocket could not go abroad owing to these factors. They realised that demystifying the process would be extremely helpful for aspirants and that is exactly what they did.

The journey of the three co-founders of Yocket—Sumeet Jain, Tumul Buch and Kashyap Matani—dates back to their engineering days at DJ Sanghvi College of Engineering, Mumbai, where they first met each other. “Today, Yocket is India’s largest platform for study abroad aspirants, offering extensive services to students,” says co-founder Sumeet Jain. It includes help right for GRE, shortlisting, visa applications, soft landing, loans, forex and accommodation. Embracing technology at its core, the platform helps students to be placed at the best-fit university for their profile and also helps universities in reaching out to the right kind of students. Students can interact with other peers, seniors and even universities in order to make the best decision for their careers.

Talking about the business model, Jain says, “We look at monetising the three stakeholders on the platform— students, universities and service providers. On the current platform, as a free user, there are some restrictions on students, whereas our paid-for premium services offer students personalised help. We provide premium users with complete help in the whole process.”

It helps the universities with marketing and reaching out to students. And third is the service provider. “When a student is moving from one country to another, there is a new identity that they create for themselves in a different country, which requires a lot of services like loans, forex, insurance, accommodation. We work with a lot of loan providers, lenders, banks and international providers,” he adds.

The tech-based startup began with just a sum of less than Rs 10,000 for hosting the website. It has tie-ups with 150 international universities from the US, Canada, UK and Hong Kong. Besides, it has registered over 10 lakh students so far and it plans to add around 10 lakh more students to the platform this year. Yocket has even helped over 3,000 students and working professionals in financing loans totalling Rs 1200 crore for studying abroad by tying up with 10 educational loan providers across various categories.

“Despite the pandemic, Fall 2021 has been our biggest intake yet, both in terms of student enrollments as well as education loan assistance. It comes as no surprise that almost 70-80% of students choose to avail loans for their education in the USA, Canada and Europe, with an average loan amount sanctioned being Rs 40 lakh,” Jain adds.

Recently, Yocket announced that it has plans to hire 500 employees by the end of March 2022 and has a team of 350-plus employees. “In 2019, we launched an end-to-end, personalised counselling service called Yocket Premium to help students every step along the way, from home to university. Today, we have accomplished premium users from 100-plus cities. We have students not just from India but outside India as well. We aim to add at least 50,000 premium users to our platform,” says Jain.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.