Angel Investment: Edtech startups that account for nearly one-fifth of total DPIIT recognised startups in the country remain favourite of investors.
Startup India: India’s education startups continue to be favourite for angel investors and venture capitalists. There are more than 3,500 edtech startups in the country and the sector has unicorns like Byju’s with a market valuation of over $1 billion. A BangaBengalurud startup AttainU, that is working in the field of offering live online courses to fresh engineering and management graduates to make them employable, has raised money from angel investors. The startup founded by two youngsters from a tech background, Divyam Goel and Vaibhav Bajpai, hopes to use the money to strengthen its faculty and in building a semi-automated platform to cater to a large number of students.
AttainU is one of the several startups that have been working in the field of post-skilling. These startups help college graduates and fresh engineers to acquire those skills that help them in getting jobs.
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“For us, the goal has always been about solving higher education in a systematic, scalable way,” Divyam Goel, CEO and co-founder of AttainU told Financial Express Online.
The edtech startup which was founded just last year offers a full-time 7 month online software engineering course to equip fresh engineers with the hard skills required in the industry. Its course is designed to help those students who have a college degree but don’t have a decent job.
Post-skilling market is important for e-learning companies. The overall post-college skilling market in the country has been pegged at around $370 million. And post-college tech-skilling accounts for nearly half of that. Edtech startups working in the field of remain favourite for investors as this market is growing at an annual rate of nearly 50%.
“Over 60% of the engineering students who pass out every year are either unemployed or are stuck in unrelated jobs,” said Nikhil Rungta, former managing director Intuit India.
“If we go beyond engineers, this problem multiplies 10 times,” he said.
Education start-ups like AttainU are also working on the deferred fee payment model. This model allows students to pay the fees after getting employment on the basis of an income sharing agreement.
This round of funding included investment from Shailesh Rao, former head of Google India, Nikhil Rungta former MD of Intuit India, Anil Gelra, founder of SnapMint and Manish Kumar, founder of KredX and LetsVenture.
While founders did not disclose the amount received by them to Financial Express Online due to confidentiality agreement. However, it is believed to be around Rs 2 crore as angel investment in edtech companies tend to be between Rs 50 lakh to Rs 5 crore.