Due to the COVID19 pandemic classes were held online in order to ensure the continuation of classes which led to a strong growth in the edtech sector.
Byju’s has announced the launch of Byju’s Lab, an innovation hub to incubate new ideas, provide cutting-edge technologies and deliver breakthrough solutions across the edtech major’s ecosystem of learning products.
According to an ET CIO report, the company said that it is also looking at hiring a diverse set of candidates in the UK, US and India.
“By assembling a powerful team of high-calibre individuals, Byju’s Lab aims to make technology transparent for the user and harness it in a way that tech-enabled education can reach the largest number of people.
Creating new jobs, Byju’s Lab will create an exciting and fulfilling environment for Machine Learning (ML) and AI professionals, both experienced as well as new graduates,” according to a statement.
It added that Byju’s Lab will also help create genuine intellectual property and cutting-edge research.
Edtech Growth
The role of online learning is not just to replicate offline classes in digital space but also to make it more interactive, engaging, and personalised. By combining the ability of computing, technology, and data, we at Byju’s Lab, want to explore the power of information and technology to create a more personalised, enhanced and democratised learning,” said Dev Roy, Byju’s chief innovation and learning officer.
He added that the hub will have more than 100 resources over the next few years and as a global company, the company is looking at harnessing a global talent pool to build innovative tools and leverage new technologies to positively impact the learning experiences of children across the world.
According to report in Business Line August 2020 saw the education technology platform, Byju’s, owned by Think and Learn, acquiring the coding platform, WhiteHat Jr. in a $300 million deal. The idea was to make the fast-growing segment of coding in education technology available to students. This is just one example of how rapidly the sector is expanding.
Data sourced from Omidyar Network India backs up the analysis by RedSeer Consulting that the $735-million EdTech market, which establishes under 1 per cent of India’s $90-billion private education market, is predicted to bag 120 per cent growth in FY2020 and reach $1.7 billion by the end of the year.
The report further pointed a 6 per cent CAGR in student enrolment is expected to be seen in the market which will boost the market to approximately 53 million in FY25. The online lifelong learning market will expand as well as the pandemic has instituted the requirement for continuous learning. Certainly, good times are ahead for the EdTech players and students.
Byju’s, which has over 100 million registered students and 6.5 million paid subscribers, is backed by marquee investors, including General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake and Tiger Global.
