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We can't label struggling firms as the future of edtech: Screwvala

Inshorts · 1y ago

We can't label struggling firms as the future of edtech: Screwvala

Edtech startup upGrad's Co-founder Ronnie Screwvala said "unnecessary" attention has recently been given to a few struggling edtech companies, especially those in the kindergarten to 12th grade segment. "We cannot label them (struggling edtechs) as the future or the past or the present of edtech," he said. This comes as BYJU'S faces insolvency proceeding over dues and financial constraints.

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Ronnie Screwvala criticizes Byju's CEO for Edtech downfall

Inshorts · 1y ago

Ronnie Screwvala criticizes Byju's CEO for Edtech downfall

Ronnie Screwvala, serial investor and Co-founder/Chairperson of edtech platform upGrad, on Wednesday slammed Byju's and its Founder and CEO Byju Raveendran for the downfall, saying that one rotten apple in the Indian edtech space should not affect the entire edtech sector. Screwvala said that Raveendran and investors are collectively responsible for the company's financial condition.

I'll be shattered if another billion dollars comes to edtech: Screwvala

Inshorts · 1y ago

I'll be shattered if another billion dollars comes to edtech: Screwvala

Edtech startup upGrad's Co-founder Ronnie Screwvala said, "I will be very shattered if another billion dollars comes into this sector, it will spoil the sector all over again." He added, "Right now, solid companies are being built." Screwvala further said that the entire edtech sector will grow regardless of whether VCs come or not to fund the startups.

Ronnie Screwvala calls for edtech founders' meeting to discuss core issues: Report

Inshorts · 1y ago

Ronnie Screwvala calls for edtech founders' meeting to discuss core issues: Report

Serial entrepreneur and upGrad Co-founder Ronnie Screwvala has called for a meeting of edtech founders in Delhi to "discuss a few core issues", Moneycontrol reported. "I know a loose industry group was formed but right now neither does it have the punch nor any formal recognition," Screwvala said in email, urging founders to block a time and attend the meeting.

Edtech sector needs change with frugality: Ronnie Screwvala

Economic Times

Economic Times · 1y ago

Edtech sector needs change with frugality: Ronnie Screwvala

Ronnie Screwvala, executive chairman and cofounder of edtech firm UpGrad, believes that excessive fundraising can be detrimental to the edtech sector. He emphasizes the need for frugality and innovation instead of relying solely on raising funds. Screwvala suggests that entrepreneurs should prioritize impact and value creation rather than constantly pursuing money. UpGrad, which has raised $365 million in total funding, reported a 96% increase in revenue but a widened loss in the previous financial year. The company is reportedly in talks to acquire US online education firm Udacity and raise additional funds for the deal.

Longer talktimes, lower incentives: edtech turns up the heat on its employees

Livemint

Livemint · 1y ago

Longer talktimes, lower incentives: edtech turns up the heat on its employees

As India's edtech sector faces a slowdown, sales executives in online tutoring startups are being burdened with higher targets and longer hours. The situation has worsened for employees and the sector in general. Sales executives at edtech firms, such as upGrad, Unacademy, and Scaler, have reported policy changes that require increased talktime on phone calls without additional pay. The edtech industry has been criticized for mis-selling and unethical sales practices, forcing companies to alter their approaches. The struggling sector has also faced challenges in converting customers due to a lack of differentiation and reduced investments.

Upgrad MD Mayank Kumar steps down as firm eyes $50-60 million raise

Economic Times

Economic Times · 10m ago

Upgrad MD Mayank Kumar steps down as firm eyes $50-60 million raise

Mayank Kumar, co-founder and managing director of Indian edtech unicorn Upgrad, has stepped down from his executive role to launch a new venture focused on placing skilled Indian labor abroad, particularly in healthcare. The move comes as Upgrad's founder and chairman, Ronnie Screwvala, takes on a more active role in the company. Upgrad is also reportedly in the final stages of securing $50-$60 million in funding at a valuation of $2.25 billion. The company recorded revenue growth of 25.54% in FY24 and is reportedly planning an IPO in the near future.

upGrad’s Ronnie Screwvala Calls A Meeting Of Edtech Founders To Discuss ‘Core Issues’

Inc42 · 1y ago

upGrad’s Ronnie Screwvala Calls A Meeting Of Edtech Founders To Discuss ‘Core Issues’

Amidst the funding crunch and layoffs in the Indian edtech ecosystem, upGrad co-founder Ronnie Screwvala has called for a joint meeting of edtech founders to discuss core issues. The edtech sector has been severely impacted by the funding slowdown, with a significant drop in investment in 2022 and 2023. Screwvala's initiative aims to address the challenges and position the sector as credible despite setbacks. This comes at a time when BYJU'S, a prominent player in the Indian edtech space, is facing multiple challenges including financial difficulties and leadership changes.

Relax, This Isn’t The End Of Edtech

Inc42 · 1y ago

Relax, This Isn’t The End Of Edtech

The article discusses the current challenges faced by the edtech sector in India, using the example of BYJU'S struggling to cover operational costs. However, the author believes that this crisis does not signify the end of edtech's golden age. The focus should be shifted towards effective learning instead of prioritizing sales. The article mentions successful examples, such as Eruditus and Cuemath, who emphasize learning outcomes and provide quality education. Edtech startups should also leverage Generative AI to enhance tutor productivity and student engagement. The future of edtech lies in product excellence, teacher-led experiences, and ethical marketing.

Ronnie Screwvala meets edtech founders to discuss impact of Byju's controversy

Economic Times

Economic Times · 1y ago

Ronnie Screwvala meets edtech founders to discuss impact of Byju's controversy

Edtech founders, including Upgrad's Ronnie Screwvala and Mayank Kumar, gathered to discuss the fallout of the Byju's controversy and address concerns within the industry. They aimed to highlight the positive aspects of edtech and change the narrative away from its perception as a "predatory space." Byju's has been under scrutiny for alleged corporate governance lapses and bankruptcy proceedings. The founders also expressed dissatisfaction with coaching regulations introduced by the Indian government, feeling that their inputs were not considered. Transparency and governance issues remain major concerns in the edtech sector.

VCs conservative on edtech, content firms: Coursera CEO

Livemint

Livemint · 1y ago

VCs conservative on edtech, content firms: Coursera CEO

The downfall of Byju's, India's leading edtech startup, has had a ripple effect on the tech industry, causing caution among venture capital and private equity funds. Coursera CEO Jeff Maggioncalda mentioned in an interview that the edtech industry in India and China is facing challenges. He also stated that content creator-based edtech startups are struggling to attract investors due to a lack of differentiation and distribution. Despite the challenges, Coursera expects consistent global growth and aims to be profitable by the fourth quarter of 2022. Maggioncalda also mentioned the importance of regulations for the industry's future in India.

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