"Our business is thriving, achieving an impressive 82% year-over-year revenue growth in the first half of September 2023 (Fiscal Year 2024)," says Anish Srikrishna, Chief Executive Officer, TimesPro.
In a nation with a population exceeding 1.4 billion, the inadequacies of traditional education systems catering to every learner's needs come as no shock. The advent of the digital revolution emerged as a remedy to this challenge, heralding the ascent of EdTech platforms across India. India's EdTech sector has witnessed substantial growth in recent years.
EdTech enterprises swiftly positioned themselves as credible substitutes for conventional classrooms, presenting accessible learning resources, tailored study plans, and the flexibility to learn from any location at any time. This transformative shift in the educational terrain garnered substantial investments, propelling the industry into a period of rapid expansion. Yet, like any burgeoning industry, apprehensions exist regarding its sustainability and potential challenges. To comprehend the current landscape of the industry and delve into the TimesPro story, we engaged in an in-depth conversation with Anish Srikrishna, Chief Executive Officer of TimesPro.
He explains TimesPro’s business while outlining his belief in lifelong learning by offering accessible, affordable, industry-relevant, and flexible education options to individuals at all stages of life.
In the context of India's EdTech Industry, there has been much discussion about sales and valuation. How do you perceive the industry's trajectory from its boom to potential challenges or pitfalls?
At TimesPro, we have a strong interest in the trajectory of the Indian EdTech industry, having participated in its phenomenal growth over the past decade. While the initial boom was exciting, we must also acknowledge that there are potential challenges and pitfalls ahead.
First, let’s acknowledge that there has been huge progress with EdTech democratising access to quality education and reaching learners in remote locations, offering flexible learning pathways. It has also fuelled innovation in pedagogy and personalised learning, catering to diverse needs and learning styles. Most importantly, the barrier of high cost to learners - in both time and money terms - of quality education has been broken.
Inevitably, this rapid expansion has also exposed some vulnerabilities. Unsustainable business models, a crowded market, and a focus on valuation over value-creation have created an ecosystem of flailing valuation and fund-starved, struggling startups.
Looking ahead, I see three key areas that will determine the industry's success:
Firstly, I feel, EdTech companies need to shift their focus from aggressive acquisition to building long-term value. This involves investing in high-quality content and personalised learning solutions that deliver tangible outcomes for learners, diversifying revenue streams, and prioritising profitability.
Secondly, I see EdTech complementing the traditional education systems and playing a vital role in supplementing the traditional systems with their force multipliers in technology, industry relevant resources, personalised learner support, and marketing. Collaboration between EdTech companies, schools, universities, and government can ensure a more cohesive and outcome-oriented learning ecosystem.
Thirdly, EdTech has the potential to revolutionise education for underserved communities. However, access and affordability remain major concerns. We need to develop innovative solutions and partnerships to ensure that EdTech reaches all corners of India, regardless of socio-economic background or geographical location.
Do you believe the current challenges are temporary or indicative of deeper structural issues within the EdTech industry?
The current challenges have certainly prompted some much-needed introspection. While I believe that some challenges are transient given the industry's rapid evolution, some others may signify deeper structural issues.
- At TimesPro, we have done a few things differently from day one: We prioritised learner outcomes and reasonably positive unit economics over aggressive cash burn for learner acquisition.
- Our curriculum, developed with industry experts, ensures learners acquire essential skills, while technology and data personalise the learning experience for each student.
- We track learner progress, measure their outcomes and invest in new technologies and learning methodologies to stay ahead of the curve.
I believe that the strength of any EdTech is in how it leverages technology to personalise learning, improve accessibility, and deliver measurable outcomes. Those who can focus on these aspects and run a rational business model will be well-positioned to thrive in this dynamic environment.
TimesPro has shown remarkable success, with an 82% revenue growth in Year-over-Year H1 of September 2023 compared to the same period in 2022. What strategies or factors do you attribute to this substantial growth?
Thank you for your comment on TimesPro's growth. It's no secret that TimesPro has experienced remarkable growth, and I'm proud of the team and the work we've done to achieve it. With the benefit of hindsight, I’d say there were some definite factors that guided our path:
- Right-place, right-time: TimesPro was created when tech-enabled private education came of age in India: the learner lapped up the heady mix of access to excellence, convenience, and a professional management of learner outcomes.
- Patient, rational investors: We were fortunate in having the Times Group as our founder-investors. In an environment teeming with heavily funded cash-burning EdTechs, TimesPro was held to a rational standard by our shareholders and that made a difference.
- Steadfast commitment: Our learner focus has been second to none, and learner success has paved our success.
- Nimble strategy: In a dynamic industry like EdTech, we've been quick to act and react to market opportunities, and this has allowed us to seize new possibilities. TimesPro has been through three strategic pivots in the past decade and is midway through an ambitious digital transformation as we speak.
Our financial strength and profitability are no accident. We've been prudent with our resources and maintain positive unit economics across all our business divisions. Operating debt-free is a testament to our financial discipline and sustainable business model.
Looking forward, we remain committed to these core principles. By leveraging them, we feel confident to triple our learner base to 6 million over the next three years. So, I’d say, it's an exciting time for TimesPro, and we are eager to build on our current success and continue to make a positive impact on the education landscape.
How has TimesPro managed to maintain profitability even as the EdTech industry faces headwinds?
Maintaining profitability in the current EdTech environment requires a combination of quality business forecasting, strategic agility, operational efficiency, and an unwavering focus on value creation. Across all parts of TimesPro, you will find a strong focus on positive unit economics and efficient operations.
Early in our journey, we diversified our revenue streams into executive education, employability skilling, corporate training programmes, and government-funded programmes to reflect distinct market opportunities. We have continuously strived to synergise our operations and multi-task our investments tethered to these opportunities.
We have invested in high-quality, industry-relevant content that delivers real value to our learners. This allows us to command premium pricing and attract high-paying learners, translating to higher profit margins. Our data-driven approach ensures we are allocating resources effectively and optimising our efforts for maximum impact and profitability.
We are constantly innovating to improve our offerings and differentiate ourselves from the competition. This includes developing new learning formats, utilising cutting-edge technologies, and forging strategic partnerships, strong, long-term relationships with our corporate clients and industry partners. This provides recurring revenue streams and reduces customer acquisition costs, contributing to overall profitability.
We have invested in attracting and retaining top talent with a belief that employees are the most valuable assets and provided them with opportunities for rapid internal growth and development, fostering a culture of innovation and high performance. So, if TimesPro has been able to navigate the challenges of the EdTech industry, it is mainly by staying true to these fundamentals.
Can you share some insights into TimesPro's expansion plans and how you plan to reach new learners in the coming years?
TimesPro is poised for exponential growth across its current areas of business – this will occur as a natural corollary of our credibility and stature in the context of India’s booming education market. We are enhancing our technological infrastructure, making our educational content more accessible and interactive. This includes investing in user-friendly platforms and mobile applications to cater to the evolving preferences of learners.
With the increasing globalisation of education, we are exploring avenues for global outreach. We plan to implement enhanced marketing strategies that resonate with our target audience, leveraging digital platforms, social media, and other channels to create awareness about the value proposition TimesPro brings to the table.
However, I believe that the truly exciting opportunities will come from large, hitherto unexplored market segments. The NEP, for instance, has created Higher Education opportunities to learners in ways that are unprecedented: the ability to ‘learn while you earn’ through technology can fire the aspirations of millions of young Indians. The opening up of domestic and global opportunities for our skilled youth is another. We are carefully studying these opportunities where TimesPro can be a part of shaping outcomes for the next billion consumers.
How can EdTech bridge the growing gap between academia and industry, especially in skill-specific sectors like banking and supply chain?
Industry-Academia interface is a phrase whose time has come. Our problem of graduate employability stems from the fact that our universities are not equipping graduates with requisite skill sets required to survive in a job or even clear a job interview. This gap is even more pronounced in the non-degree space. I believe that EdTech platforms can play a crucial role here in bridging the gap.
TimesPro performs this role in the BFSI, IT/ITES, Supply Chain sectors, etc., by providing crucial skilling courses delivered by professionals to graduates who would like to work in these sectors. We also provide upskilling courses to professionals in collaboration with IIMs and IITs to refresh their fundamentals.
In our country, where we have an aspirational population at every level - early career, executive, or even at the leadership level – as an EdTech, we need to look at the learner needs to deliver outcomes. This will take collaboration with all stakeholders including learner, academia, and employer – I believe that EdTechs are uniquely suitable to make such a collaboration work.
Looking ahead, what is your vision for TimesPro in the evolving landscape of the EdTech industry, both in India and potentially on a global scale?
Well, our original vision for TimesPro – ‘to fulfil aspirations of millions of learners by making excellence accessible' - is vast and covers the foreseeable strategic future.
However, the dynamic landscape of EdTech dictates the need for strategic agility. As we look ahead, I remain bullish and optimistic about TimesPro’s prospects in the coming years. We will look for newer, more innovative, more tech-driven ways to deliver delight to our learners.
While we look to grow exponentially in India, we look for opportunities globally to collaborate with global partners and by offering Indian courses with international relevance to a global audience. In an era of rapid technological advancements and evolving job markets, our vision includes fostering a culture of lifelong learning. We aspire to be a platform that supports individuals throughout their professional journey, offering opportunities for continuous upskilling and reskilling.
What are your predictions for the future of the Indian EdTech industry in the next 5-10 years?
In the forthcoming 5-10 years, the Indian EdTech sector is poised for substantial growth, despite prevailing challenges. I firmly believe that our industry will not just weather these challenges but emerge more robust and resilient than ever before.
At TimesPro, we are proactively preparing for these shifts, foreseeing significant trends:
- Emerging technologies like artificial intelligence, virtual reality, and augmented reality will enhance education outcomes, addressing longstanding challenges faced by educators.
- Adaptive learning platforms, AI-driven recommendations, and micro-learning modules will personalise the learning experience and obviate faculty shortages.
- The debate on online vs offline learning will evolve into a consensus on a hybrid model, providing flexibility while preserving the benefits of face-to-face interaction.
- The growing demand for skill-based programmes will align learners with the evolving job market, with EdTech platforms bridging existing skill gaps.
- EdTech companies will be accountable for measurable learning outcomes, fostering evidence-based practices and innovative assessment tools.
TimesPro’s programmes and partnerships are addressed to meet the evolving learner and employer needs. The landscape will witness a shift towards online degrees and micro-credentials and integration of cutting-edge technologies like AI and Big Data will power the sector's continued growth. We believe that by prioritising learner-centricity, innovation, and collaboration, EdTech can play a vital role in building a future where everyone has access to the knowledge and skills they need to thrive.
