Established by alumni from Harvard University, University of Southern California, IIT Bombay and IIT Delhi, GoodEd online learning platforms propose micro-courses for students. By the end of 2015, Kapil, Jay, Anis and Ghanshyam solidified GoodEd Technologies Pvt Ltd with the notion of inventing a network of good high school teachers who can teach students online in vernacular languages. All had a strong connotation of purpose and value for education.
GoodEd is unravelling for providing convenient access to aspirational programmes online in vernacular languages to high school students. GoodEd also offers direct, video-based coaching to high school students in vernacular languages. The company strives to provide best-in-class learning from good teachers to high school students using recorded and live video lectures, quizzes, tests, counselling, and more.
How it started?
The journey of GoodEd began with an instant pivot in May 2016 when the Supreme Court declared a combined entrance examination named National Entrance and Eligibility Test (NEET) for students in every state of India who yearn to join the MBBS and BDS courses. With an inclined teacher network, GoodEd team decided to immediately build NEETprep.com to set new standards in a mostly uncrowded market for aspirants preparing for the NEET exam. Fifteen lakh aspirants will take the NEET 2020 exam, nearly 114 per cent more than the seven lakh students who wrote the NEET exam in 2016.
In three months, the startup was competent to offer the course to more than 1k students across the country in a B2C format.
“Right after the Supreme Court declared that NEET exam would be the combined entrance across the country for admission to MBBS and BDS, GoodEd went live in 24 hours, announcing an online video course for NEET 2016 which was to be held 12 weeks later. The company created the learning model, content, learning management system, and sales support on the go as students began buying the subscription to the course,” says Ghanshyam.
The Business Model
GoodEd was able to secure an angel investment of Rs 2.4 crore from seasoned investors led by Tracxn and other angels comprising Anand Chandrasekaran, Kunal Shah, Aditya Berlia, Mekin Maheshwari, and others. GoodEd has raised Rs 3.3 crore in angel rounds in 2016 and 2017.
GoodEd has two core products. NEETprep, a B2C offering which governs the online K-12 test prep in NEET in India. The products include two-year, one-year, and short-term video coaching on NEET, ranging from Rs 35,000 to Rs 70,000, and learning materials such as test-series and masterclass ranging from Rs 500 to Rs 3,000.
Learner.in is the other product delivered by GoodEd which runs an online school with live lectures for 150 schools across the country with nearly 15,000 students in classes IX to XII.
The challenge was to build a B2C business in a market enclosed by cash-rich incumbents and heavily invested contending startups. The most challenging time for the startup was in September 2017. GoodEd was running out of cash, the investment was not on the anvil, and the business was yet to become cash positive. However, as student sign-ups improved over the next six months, it became unit economic positive by April 2018. In this situation, GoodEd was able to increase the average revenue per user as well as the number of paid and free students for NEETprep. These successful steps are now the nerve of the business model at GoodEd.
Into The Future
In the coming 18 months, NEETprep strives to enrol 100,000 students into its various long-term and short-term paid programmes. The goal at Learner.in is to become an online extension school to more than 10,200 private high schools across India, serving more than 5,00,000 students. The startup also plans to raise Series A of $8 million on the back of $3 million to $4 million FY20-21 profits, expected to be up 200 percent from FY19-20.
Currently, NEETprep has 25,000 students enrolled in the paid programs and another 500,000 students who study from limited access free content on YouTube channel. The startup’s revenues in FY19-20 were Rs 10 crore, and they expect to do anywhere between Rs 18-25 crore in FY 20-21.