As executives in the tech world are looking to sharpen their talent as well as diversify their skill sets amid large-scale layoffs, upskilling startups are confident of growing their businesses this year. Edtech firms at the same time remain in dire straits post-Covid.
Upskilling startups are bullish even as K-12, test prep face hardships
Despite a downturn in the K-12 and test preparation sectors, online skilling courses provided by ed-tech startups have emerged as a positive development, as there continues to be a steady demand for reskilling.
Upskilling in demand: Founders of upskilling startups are anticipating strong business growth this year even as a funding crunch has set in the broader tech sector. Upskilling businesses mainly target working professionals who are either looking to move to a better pay scale or become more efficient at their current job. A flurry of layoffs across technology companies is prompting many to consider going back to school or taking up courses in management, data sciences, and digital marketing, industry experts told ET.
Optimistic of growth: Byju’s-owned upskilling platform Great Learning is expected to close FY23 with a 45-50% revenue growth instead of an initially planned 100%, while SoftBank Vision Fund-backed Eruditus, which partners with universities in India and abroad for its online executive education programs, is aiming to grow its revenue by 40% in FY23.
Quote unquote: “They (working professionals) are looking at growth in the corporate ladder. With layoffs all around, they are coming back to the class to study for about 3-6 months until the markets clear up and there is scope to grow professionally again,” Sanjay Salunkhe, the founder and CEO of upskilling firm Jaro Education, told ET.
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