Hyderabad: Hyderabad-based edutech startup IndigoLearn which focuses on accounting and finance is planning to raise $10-15 million in the next three years to expand its operations. The company which is seeing a surge in digital adoption finds the e-learning space attractive.
The company has adopted a ‘students first’ approach to make quality education affordable and accessible. It is gearing up with a strategy to develop solutions as the learning segment is seeing transformation from being certification-oriented to the one that is vocation-oriented.
Founded in early 2017 by ISB alumnus Sriram Somayajula, all India CA topper Suraj Lakhotia and CA faculty Sathya Raghu is India’s first digital learning startup focusing exclusively on finance and accounting domains, covering high school to global professional courses. In addition to domestic market, the company sees potential for its offerings in the overseas markets particularly in US, UK Middle East and South East Asia.
IndigoLearn is focused on ensuring that the students learn the concepts ground up and achieve examination success. The company aims to make learning as enjoyable as movies and games, with the power of stories, animated byte-sized videos, gamified assessments and personalised analytics.
IndigoLearn along with two other startups has emerged as the winner of fifth edition of StartEdu – a nationwide competition carried out by Unitus Seed Fund, TiE Bangalore and Sylvant Advisors that seeks to identify and invest in the best early-stage education and edutech startups. IndigoLearn now has an opportunity to pitch for up to Rs. 3 crore of seed investment to Unitus Seed fund.
Sriram Somayajula, co-founder & CEO of IndigoLearn, told Telangana Today, “We have launched over 200 hours of e-learning modules for students pursuing Chartered Accountancy (CA) and are planning to launch modules for the full CA course in the next few months. We are making one of the toughest courses fun and easy to learn. We will also be launching e-learning modules for global professional courses like, CFA, CPA, ACCA, CIMA, CMA, undergrad courses as well CBSE class XII very shortly.”
Creating a niche
He explains, “Unlike for science and engineering, adoption of technology for developing e-learning modules has been slow in finance and accounting space in India. We spent a lot of time in identifying the right methodology and techniques that should go into building our product. While other companies were using technology minimally, we felt there was an unmet need. We wanted to give personalised experience and engage students with our offering.”
The team realised that students do not enjoy learning if it’s not taught in the right way. The idea is to use real-life stories and cases to develop the learning content. Significant effort has gone into simplifying the content breaking it down into smaller modules. With the use of right amount of gamification and visual effects, content can be developed in a way that concepts gets imprinted in the student’s brain, he said.
IndigoLearn’s offerings that are available on its website and android app, have so far attracted over 2,500 users. The company is expecting this number to touch around 12,000 users in the next one year as it expands its basket of offerings. The pricing strategy has been student-friendly wherein one can pay for a full course, once specific subject or just a single topic.
They believe that as internet penetration and internet bandwidth quality increase in our country challenges to access quality content are expected to come down substantially for the entire e learning space.