It’s pertinent to create a level-playing field for college students, especially in tier 2 and tier 2 cities, as they do not enjoy the same level of exposure to job opportunities as their tier 1 counterparts. And this is where digitization has become such an important empowering tool. It can help by providing online learning platforms, career guidance, and mentorship programs accessible to students from anywhere.
Delhi-based edtech firm PrepInsta leverages digitization to help bridge this gap and provide solutions related to academic learning and professional development. Founded in 2018 by Atulya Kaushik, Aashay Mishra, and Manish Agarwal, PrepInsta has set an ambitious goal of becoming the go-to destination for tier 2 and 3 engineering students to acquire the right skill set to become job ready.
“Initially, we provided numerous smaller products to customers, but we realized that offering a single subscription with access to over 200 courses would benefit the student community even more,” co-founder Mishra told Entrackr.
PrepInsta’s Prime, which is modeled after subscription-based streaming services, gives access to 200 courses, which include preparation courses for job placement, courses on AI/machine learning, cyber security, coding courses in C/C++, competitive coding, ethical hacking, cyber security, python, DSA, and a range of other courses that focus on upskilling.
Since its inception, the edtech platform has onboarded more than 10 million users. It currently has 37,000 daily active users and 1.09 million monthly active users. It has sold nearly 46,000 subscriptions so far.
PrepInsta is also a bootstrapped company. Mishra disclosed that the company had posted Rs 4.7 crore in revenue in the fiscal year 2021-22.
“Our Revenue has grown 2x from FY21 to FY22. We are also seeing a 4X growth in the revenue for FY23 and aiming to close this financial year with approximately Rs 16-18 Cr in revenue,” Mishra added, without disclosing more financial details.
Mishra further said that the company does have plans to raise external funding but not a top priority. For now, it’s satisfied with the product growth and positive customer response. However, the ultimate goal of the fundraising will be what he described as a “high-ticket value product” in the future. The product would have an intensive learning program, cohort sessions, mentorships, live training, and more.
That said, edtech firms are facing a hard time since the onset of what’s being widely dubbed as ‘funding winter’. With VC funding drying up, several prominent names in edtech firms like Byju’s and Unacademy are bearing the brunt. Funding in edtech startups plummeted from $5.82 billion in 2021 to $2 billion in 2022 till August 15, 2022, according to our data tracking platform Fintrackr.
Mishra, however, had a rather optimistic outlook on the future of edtech in India, and that the crisis won’t last long.
“As long as we continue to create high-quality products with excellent offerings, it will always attract investors to fund edtech companies,” he said.
PrepInsta competes with the likes of Unacademy, BridgeLabz, Udemy, and other edtech firms that help prepare students for the job market.