Ed-tech platform Hero Vired aims to clock net revenue of Rs 55 crore in FY23, Akshay Munjal, founder, CEO, Hero Vired told FE Education. “We were in loss in FY22 and expect the same in FY23. However in FY24, we aim to break even,” Munjal said. The company declined to disclose the actual financial details. Furthermore, the firm plans to launch certificate programmes in gaming and esports in collaboration with NODWIN, an international gaming company, in November 2022.
Regulatory filings accessed by business intelligence platform Tofler revealed that in FY21 (November 2020 to March 2021), the company was yet to start its commercial operation, hence there was no revenue generation. However, the firm incurred a loss of Rs 2.3 crore in the same period. According to the company, Hero Vired was launched in April, 2021. In FY22, the company claims to have clocked a net revenue of Rs 30 crore. “The expenditure in FY21 and FY22 included building infrastructure, product development, and team growth,” Munjal said.
As means of monetisation, the company sells its courses directly to students, as well as collaborates with educational institutions and industry players. According to Munjal, the average ticket cost of the courses is Rs 2.5 lakh and the duration of courses varies from six to nine months. Furthermore, in FY22, Hero Vired claims to have enrolled 1,000 students and six institutions. In FY23, the firm aims to enroll 3,000 students and partner with 20 institutions.
Besides, the firm offers integrated postgraduate programmes in data science, artificial intelligence, business analytics, and financial management. Currently, the company claims to be in partnership with universities including Massachusetts Institute of Technology (MIT), Harvard University, and Singularity University, among others. “In future we aim to collaborate with more institutions,” Munjal said.
Also Read: Need for skills standardisation in the current IT Industry