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<ul><li>With consumer interest at the core of the consortium, the <keyword id="1464841" type="General" weightage="100" keywordseo="edtech" source="Orion">EdTech</keyword> companies have committed to observe and adhere to a common ‘Code of Conduct.’</li><li>It would establish a Two-tier Grievance Redressal Mechanism to ensure that the positive impact of the industry reaches every deserving consumer while protecting their interests and promoting their rights.</li></ul> Leading EdTech companies under the aegis of <keyword id="128625" type="General" weightage="20" keywordseo="Internet-and-Mobile-Association-of-India" source="Orion">Internet and Mobile Association of India</keyword> (<keyword id="149966" type="General" weightage="20" keywordseo="IAMAI" source="Orion">IAMAI</keyword>) today announced the formation of the India <keyword id="12934640" type="General" weightage="20" keywordseo="EdTech-Consortium" source="Orion">EdTech Consortium</keyword> (IEC). Aligned with the Government’s recent advisory, the IEC will ensure that every learner shall have access to quality and affordable education, which not only improves their academic performance but also makes them future-ready. With consumer interest at the core of the consortium, the EdTech companies have committed to observe and adhere to a common ‘Code of Conduct’ and establish a Two-tier Grievance Redressal Mechanism to ensure that the positive impact of the industry reaches every deserving consumer while protecting their interests and promoting their rights. Several EdTech entities have joined the IEC such as such as Byju’s, Careers 360,Classplus, Doubtnut, Great Learning, Harappa, Times Edutech &amp; Events Ltd, Scaler, Simplilearn, Toppr, Unacademy, upGrad, UNext Learning, Vedantu &amp; WhiteHat Jr. The move to set up IEC comes at a time when Indian EdTech players are creating immense value for the global audience. The disruptions led by the pandemic and subsequent lockdowns compelled both parents and educational institutions to implement tech-enabled learning solutions, thereby accelerating the growth of the EdTech sector. Indian EdTech operators have been solving for accessibility and affordability through quality courses from best teachers, instructors and faculty members, to ensure that students across all age groups are benefiting from the innovation in the education sector. This has elevated India’s position on the global map as an education hub. The overall Indian EdTech ecosystem impacts over 500M+ school students, college students and working professionals across India. At this scale, it is critical that the ecosystem follows a framework that will protect the rights of our learners and all EdTech companies are committed to this. Subho Ray, President, Internet and Mobile Association of India, said: “IAMAI and members of the India EdTech Consortium (IEC) are deeply committed to ensuring ethical standards to protect learners on online educational platforms. IEC seeks to empower the learners by not just helping them make informed decisions but by also having their grievances redressed timely. The formation of this self-regulatory body is an important step towards protecting learners as more and more students, teachers and stakeholders are becoming a part of the online education ecosystem.” Commenting on the formation of the IEC, Divya Gokulnath, Co- founder of Byju’s said, “We are completely aligned with the Government's principles on safeguarding consumer interests and welcome the creation of guidelines that help students reach their learning goals in a manner that makes them future ready and conceptually strong. We have always believed that the student should be at the center of the education system and as educators we must do everything possible to create the right set of processes and methods to empower and enhance their learning." Vamsi Krishna, Co-Founder &amp; CEO, Vedantu, said, “The Indian EdTech sector has grown considerably over the last two years with funding and consolidations strengthening the ecosystem. However, while business growth is critical, so is consumer protection since this will allow students and parents to make more informed decisions about the future. Therefore, as part of the newly institutionalized IEC, we will build a sounder and more ethical ecosystem for students so that we can ensure their safety and mitigate any risks they may encounter in their journey to be future-ready.” Mayank Kumar, Co-Founder &amp; MD upGrad and Co-Chairperson, IAMAI EdTech Committee, said, “We are honored to be a part of the IEC at a time when the EdTech sector is accelerating its growth momentum. The last two years have witnessed the rise of online education as a connecting bridge to access flexible and quality education for students as well as working professionals. With the sole purpose of improving the delivery of education services, it is now crucial for us to foster and sustain stakeholder trust by safeguarding their interest as a practice. This initiative will go a long way in strengthening the EdTech sector and establishing India as the Teaching capital of the world.” In the recent past, the education sector has undergone significant transformation and EdTech has supplemented in driving new-age academic excellence. Having created a significant impact by offering quality and affordable education services, EdTech entities have also improved learnability &amp; employability for users to address the evolving needs of the job market. The adaptive learning solutions have ensured that learners are not merely ‘knowledge receivers’ but ‘knowledge creators’ as well. The sector has also created large number of employment opportunities. However, as the sector and end users grow at a fast pace, it is critical to establish a standard code of conduct for all Indian EdTech entities to adhere to and ensure that ‘learners’ remain at the core of all the business practices.

IAMAI establishes India EdTech Consortium to uphold Code of Conduct by  EdTech Platforms

<ul class="summary-list"><li>Reach Capital has closed its fourth fund with $215 million to invest in education startups.</li><li>The announcement comes at a time when edtech startups have seen a pullback in new deals. </li></ul>San Francisco-based Reach Capital has closed $215 million in fresh capital for its fourth fund, the largest in the firm's history. Consistent with the previous fund, Reach IV will focus on education and future of work investments in the earlier stages, such as seed to Series B, and in companies based both in the US and abroad. Reach plans to double down on its plan to invest in education and education support startups for K-12, higher education, and career upskilling and reskilling, including an interest in companies that can support teachers dealing with shortages and burnout. The team is also looking to back more companies using<a href="https://www.businessinsider.com/education-experts-teachers-generative-ai-chatgpt-classroom-2023-1"> generative AI in education</a>, Reach Capital founding partner Esteban Sosnik told Insider. "I think overall at the growth stage, some activity has slowed, but we're actually seeing some really unique opportunities on this side from companies who are coming back or thinking about some more conservative round goals," said Reach Capital founding partner Wayee Chu. Edtech investing hit a high in 2021 during the post-COVID lockdown boom with $16.8 billion in funding going to startups, according to PitchBook data. But just as the venture capital industry experienced a<a href="https://www.businessinsider.com/2021-has-been-a-record-breaking-year-for-venture-capital-2021-12#:~:text=While%20the%20year%20isn't,three%20quarters%2C%20according%20to%20Crunchbase."> record-breaking year</a> for fundraising and investments, the market wavered in 2022, and so did<a href="https://www.businessinsider.com/top-edtech-trends-2023-according-education-vcs-vr-teaching-ai-2022-12"> edtech investing</a>. Near the end of 2022, edtech investing had just reached $8.89 billion in 2022, according to PitchBook. While generalist investors still have some interest in edtech deals, some of the hype has worn off. "It's a down market for everyone but some LPs are saying things like, 'I don't invest in edtech,'' said Katelyn Donnelly, the managing director of the early stage edtech fund Avalanche VC. "It's funny because every category is hard. It's not like medical devices or clean tech are a sure bet." But for Mark Berryman, a managing director at Caprock and one of Reach's returning LPs, this specialization in edtech is what attracted him to backing Fund IV. "When we looked at other education funds that had the same number of vintages, Reach often had a more focused strategy — while others were investing in more companies with the hopes that just a few do well. Reach outperformed their peers in terms of overall fund performance and had created more exits," Berryman said. The firm was founded in 2015 by longtime edtech investors and former educators <a href="https://www.businessinsider.com/top-education-technology-edtech-venture-capitalists-to-know-2022-5">Shauntel Garvey and Jennifer Carolan</a> along with Sosnik and Chu, and to date has ranked as the most<a href="https://affiliate.insider.com?h=c15221cc589571e86e1b407dc31811d4cbaffb150170a2a9a7a8396822aaf213&amp;postID=642dd7832001442a47053567&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fthe-most-and-least-diverse-venture-capital-firms%3Frc%3Daoqvbj" target="_blank" rel="noopener"> diverse venture</a> fund based on the gender and racial backgrounds of its key decision makers, The Information reported. Reach Capital nears the top of the list of the largest venture funds that are focused specifically on edtech, right behind others like Owl Ventures, which closed over <a href="https://www.wsj.com/articles/owl-ventures-raises-over-1-billion-in-new-money-for-edtech-bets-11641985204#:~:text=The%20firm%2C%20based%20in%20Menlo,companies%20to%20isolate%20financial%20risk." target="_blank" rel="noopener">$1 billion in new funding</a> at the beginning of 2022, Learn Capital, and GSV. Reach has also backed several edtech startups that went on to become unicorns, or reach a valuation of over $1 billion, including Outschool, ClassDojo, and Handshake. Also, by focusing on early stage deals with a sweet spot between pre-seed and Series B, Reach Capital has been the most active edtech investor by deal count metrics. As of mid-March 2023, Reach was the most active investor in edtech deals since 2018 as of mid-March 2023, with 72 startup deals closed, according to PitchBook data.

Edtech venture capital firm Reach Capital raises $215 million for its largest fund ever and has its sights set on backing more generative AI startups

As <keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">edtech</keyword> platforms continue to lay off employees in India, US-based celebrity-driven learning provider <keyword id="2128865" type="General" weightage="100" keywordseo="masterclass" source="Orion">MasterClass</keyword> has announced it is reducing its workforce by 20 per cent. MasterClass CEO <keyword id="14267852" type="General" weightage="20" keywordseo="David-Rogier" source="Orion">David Rogier</keyword> said the decision was taken to "adapt to the worsening macro environment and get to self sustainability faster". The layoff impacts nearly 120 people across all teams from its 600-strong workforce. "It was the most difficult decision I've had to make since we launched 7 years ago, because our team poured their heart and soul into MasterClass. They are some of the most creative, curious, caring and dedicated people in the world," Rogier tweeted late on Wednesday. He said that this very tough step will "strengthen our position both financially and strategically, allowing us to serve our members, employees and instructors for many years to come". The edtech company, which was last valued at $2.75 billion, has pledged to provide healthcare to affected employees through the end of the year, reports <keyword id="179988" type="General" weightage="20" keywordseo="TechCrunch" source="Orion">TechCrunch</keyword>. MasterClass made remote education with aspirational content (entertainment) available from celebrities such as Serena Williams and Issa Rae. MasterClass raised more than $460 million from investors including IVP, NEA and Owl Ventures. Even former Chess World Champion Garry Kasparov launched a "MasterClass for chess lovers" platform. MasterClass charges a $180 annual subscription fee for people to access its library of content. In India, edtech platforms have laid off more than 3,600 employees to date. Overall, nearly 10,000 workers have lost their jobs in the Indian startup ecosystem in the last 2-3 months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/what-is-a-floating-rate-fixed-deposit-fd/articleshow/92405074.cms">A floating rate fixed deposit can be a good investment, for the next one year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/chaayos-raises-53-million-to-enhance-tech-expand-store-and-hire-more/articleshow/92404414.cms">Chaayos raises $53 million to enhance tech, expand store and hire more</a>

Edtech platform MasterClass fires 20% of its employees

As the government begins to take steps to fix <keyword id="1464841" type="General" weightage="100" keywordseo="edtech" source="Orion">edtech</keyword> platforms like <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s, several parents have shared their plight on social media and professional networking platforms as representatives from online education providers continue to force them to buy courses. The Ministry of Consumer Affairs recently pulled up edtech firms during a meeting with them and self-regulatory organisation India Edtech Consortium (<keyword id="306435" type="General" weightage="80" keywordseo="iec" source="Orion">IEC</keyword>) amid aggressive misselling of courses to parents. "Hey BYJU'S and <keyword id="8080458" type="General" weightage="50" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>... Trust me I am pushing my daughter to start learning coding, and do IIT JEE preparations with you guys, but she is just not willing to do so. Kids these days don't listen to their parents. She just wants to be an artist. So, please stop calling me to sell these plans/devices," Prashant <keyword id="445" type="General" weightage="50" keywordseo="sharma" source="Orion">Sharma</keyword>, who is into business development and a consultant with a penchant for storytelling, posted on LinkedIn. His post led to a barrage of similar situation being faced by parents all over the country, who are fed by constant aggressive selling of courses by the edtech representatives. <keyword id="14487485" type="General" weightage="50" keywordseo="srikant-ganesh" source="Orion">Srikant Ganesh</keyword>, Vice President at Dentsu Creative India, posted that he can totally relate to Sharma's experience. "My 9 year old son's into chess, plays the keyboard and is into speed-cubing and has no inclination towards computers / coding as such. I believe BYJU's and WhiteHat's of the world realise that there's more to kids these days than just learning to code and yes! They have a mind of their own and no one can push them into something they are not inclined towards. This false sense of FOMO being created by such brands should stop and so should the calls," Ganesh lamented. After the Centre took serious note of mis-selling of courses to parents by edtech firms, self-regulatory organisation IEC said it is committed to protecting consumer interest and has resolved 100 per cent complaints received till June. However, fresh complaints surfaced on social media platforms this month, indicating that the problem has not been addressed in totality. "This happened to me. The sales representatives of #Byju's need to be trained to handle a 'No'. I have personally experienced this when a representative called my wife and she said that we don't want to enroll. He kept calling and then I had to intervene. He kept insisting that your child had been registered on their site, so how could we say No! He didn't seem to understand and finally I had to explain to him by activating my desi side. I registered my complaint on their site but it was removed the next day," posted Dheeraj Grover, Senior Manager, HR, at VVDN Technologies. Thangarathnavel M., Head of Business Development-South Asia at German company Covestro, said on LinkedIn that he could fully relate to it too. "I had enrolled my son 2 years back but it was not much of any use. Few months back I started receiving calls from them again to enrol my son for the physical classes. But even after saying no, the calls never stopped. Once I gave a piece of my mind to one of the callers and asked him to share the mobile number of Mr. BYJU. Now the calls have stopped coming. Hope they stop this forever," he described his plight. Earlier this month, the Centre warned edtech companies against unfair trade practices. In a meeting with the IEC, Consumer Affairs Secretary, Rohit <keyword id="255172" type="General" weightage="50" keywordseo="kumar-singh" source="Orion">Kumar Singh</keyword>, said that if self-regulation does not curb unfair trade practices, then stringent guidelines would be formulated for ensuring transparency. The meeting was attended by representatives of the IAMAI, along with IEC member companies including upGrad, BYJU'S, Unacademy, Vedantu, Great Learning, WhiteHat Jr, and Sunstone. During the meeting, issues pertaining to unfair trade practices and misleading advertisements for the Indian edtech sector figured prominently. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-green-financing-in-india-need-significance-urgency-and-way-forward/articleshow/92948265.cms">OPINION: Green financing in India — Need, significance, urgency, and way forward</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-10-airlines-in-the-world/slidelist/92950615.cms">Top 10 Airlines in the world in 2022: Stats and performance explained</a>

My child likes chess not coding, parents fume at edtech marketers on social media

<ul><li>The COVID-19 virus caused a nationwide closure of academic institutes which led to concerns about its consequences for students, parents, and educators as they had to adapt to digital learning overnight. </li><li>However, EdTech has been a game-changer in the <keyword id="12656644" type="General" weightage="20" keywordseo="academic-space" source="Orion">academic space</keyword>. </li><li><keyword id="10489232" type="General" weightage="20" keywordseo="mahadev-srivatsa" source="Orion">Mahadev Srivatsa</keyword>, VP – Marketing and Brand Strategy, <keyword id="1326581" type="General" weightage="20" keywordseo="practically" source="Orion">Practically</keyword> looks back at the past year and a half of the pandemic and shares a few marketing lessons he learnt from his COVID experience. </li></ul>EdTech has been a game-changer in the academic space. The concept of online learning though new for Indians picked up pace rapidly during the pandemic owing to its features of accessibility and affordability. With the endemic now in sight, the blended learning scenario is very much looking like the norm, thereby establishing ed-tech as an essential part of our lives going forward. The COVID-19 virus caused a nationwide closure of academic institutes which led to concerns about its consequences for students, parents, and educators as they had to adapt to digital learning overnight. The onset of the pandemic was a watershed moment for the <keyword id="12086661" type="General" weightage="20" keywordseo="edtech-industry" source="Orion">EdTech industry</keyword>.When the pandemic struck, people were forced to work remotely. Several players mushroomed and almost overnight offered everything from e-learning tools to financing to high school management and many more niche solutions. According to the RBSA report, India received $2Bn investments in EdTech in 2020 alone, the highest in the last five years. With more emphasis on technology, corporates are inking partnerships with Edtech players for skilling and upskilling their employees to match global standards. They also sense the necessity of developing holistic learning to further attract investments and propel growth. This has now kick-started early consolidation in this sector, which will soon become a trendsetter. Today, an EdTech company has to establish and drive itself as a ‘Brand’. It has to be capable of generating awareness and offering credibility in its services and offerings. An e-lesson in branding is to live to tell the tale amid cutthroat competition.This has become essential to drive consideration amongst the TG in a super cluttered market. Precisely the reason why the marketing teams have had to work harder than ever to carve a niche for their own brands. Some adopted a wait and watch approach while many went digital in the last year..But a few were able to hold their fort with innovative features and a 360 degree integrated approach, which is the need of the current hour. For every brand and marketing enthusiast, Covid has caused a tectonic shift making it more exciting and challenging than ever to find new ways and optimally utilise communication channels to stay ahead of the curve. It also disrupted the traditional season/quarter-led marketing campaigns with Unlock taking centre stage for all activities. At the end of it all brands have learned and the current stint has only made marketeers tougher and more adaptable. The lessons learnt will only help brands in this space to either revisit or efficiently plan their way forward. Invest in brand building Education was never a brand but a reputation and heritage oriented space. From the famous Doon school to IIMs, these institutions have won admiration because of the learning culture they have cultivated. While this stands true for traditional institutions, the internet demands a completely different niche. Branding in the Edtech space becomes increasingly important because the consumer doesn’t have a tangible offline connection with you. From the colour of your logo to your narrative, build a consistent equity that consumers can recognize easily. This early investment and attention to details will set you apart. While building your brand, ensure that your creative articulation is true to your product deliverables. With the adoption barrier for ed-tech gone, consumers now are looking at quality and differentiated offerings and this is where a brand will help garner attention and eventually build trust. Understand Your Target Audience A thorough understanding of the end target audience is a must in the education space. To simplify, for a working professional most decisions are taken by them sans any need to consult parents but they are likely to rely on customer feedback or word of mouth before signing up for a program. However, they are the end decision makers and winning their confidence is important for the brand. On the other hand, for brands catering to children and young learners (K-12 audience), consumers and customers are different. The parents are customers and the children are consumers. A constant challenge here will remain to appeal to the students and win the trust of their parents. Often parents see services while kids look at the fun,engaging aspect of the product. And hence as a marketeer one needs to coin communication that appeals to both audiences. To ensure a foolproof campaign make note of your TG and address their specific need. Go beyond the Integrated Marketing jargon The most overused term doing rounds in the marketing vertical is ‘Integrated Marketing.’ Largely, it implies a mix of traditional, digital, OOH &amp; digital mediums to create enough buzz for consumers. Edtech is a largely sensitive space and overburdening your customers with thoughtless marketing will do more harm than good. Right at the beginning, plan the needs and objectives of your campaign. Are you launching a new product or introducing a new feature? Are you tackling pressing issues? Or simply creating a brand recall? In any case, go beyond a rote advertisement plan and rather find means to demonstrate the product to the consumer through strategy. Plan in advance to ensure that the campaign is released simultaneously and be meticulous about the choice of mediums. Any out of the box idea that makes the consumer aware and in a way engage with your product or feature directly will always cut the cake especially when you want to drive differentiation. For instance, the recent Scan Anything feature launch by Practically introduced consumers to the option of experiencing the feature right within the print ads in regional and national dailies making them understand its revolutionary prowess.. Result -3X scans came in on the day when print was released demonstrating the power of the idea. Seize The Moment The combination of being socially distant and homebound made us realise the importance of days and moments we take for granted otherwise. From Children’s Day to Women’s Day, plan a way to stay connected to your consumers, develop a communication strategy that isn’t pocket heavy but helps you show the consumers that you are aware and you care. Moment marketing if done right gets an organic positive buzz for the brand in the digital space at hardly any cost. Marketing as a function has to be flexible enough to adapt to any external or internal changes. In the harshest of times, marketing teams have been known to create revolutionary campaigns or come up with thought provoking ideas opening a pathway for others to follow. By the looks of it, Covid may seem like a daunting challenge for companies but in reality it has unlocked more possibilities of staying connected with the end consumer making the best use of online and offline mediums. And one will continue to see these strategies get more refined as we transition into the blended learning world facilitated by ed-tech.

Practically's Marketing Vice President shares important marketing lessons EdTech learnt during the Covid era

<ul><li>The edtech company will be <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword> 800 people across tech, product and marketing teams this year.</li><li>It claims that out of 800 people, 20% or 160 would be freshers and college graduates.</li><li>In the coming months, it will also be recruiting a CXO, vice president, and a senior vice president both for India and the US.</li></ul>Bengaluru-based edtech <keyword id="1309724" type="General" weightage="20" keywordseo="simplilearn" source="Orion">Simplilearn</keyword> is expanding its workforce by 800 people this year. It will be hiring across tech, product and marketing teams. “The ongoing hiring is a part of our company's expansion plan, in India and abroad, as we look to substantially invest in our workforce by the end of 2022," said Krishna Kumar, founder and CEO of Simplilearn. It claims that 20% of its hiring or 160 employees would be freshers and college graduates. In the coming months, it will also be recruiting a CXO, vice president, and a senior vice president both for India and the US. In the US, it aims to appoint various C-suite level executives who will assist in strengthening and structuring the team present in the country. Kumar believes that the demand for upskilling and reskilling will prevail in the industry. “Over the past couple of years, the shift to online training and education led to a growth spurt in the number of providers in the industry. The industry is currently witnessing a transition phase with hybrid models of work and study,” he added. Founded in 2010, the company claims to conduct more than 3,000 live classes, with an average of 70,000 learners who collectively spend more than 500,000 hours each month on the platform. Its peers like Unacademy, Vedantu are laying off its workforce due to lower funding. Overall, the edtech industry has reportedly laid off 8,000 people due to economic slowdown. While, Indian startups have collectively laid off 6,000 people in the last five months and <a href="https://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/articleshow/91804572.cms">may lay off another</a> 60,000 this year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/careers/news/not-just-money-lack-of-flexi-working-is-making-software-developers-quit/articleshow/92179884.cms">Not just money, lack of flexi working is making software developers quit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/corporates/news/nearly-four-lakh-fliers-are-thronging-airports-every-day-and-indigo-is-flying-half-of-them/articleshow/92179593.cms">Nearly four lakh fliers are thronging airports every day and Indigo is flying half of them</a>

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IAMAI establishes India EdTech Consortium to uphold Code of Conduct by EdTech Platforms

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Edtech venture capital firm Reach Capital raises $215 million for its largest fund ever and has its sights set on backing more generative AI startups

Madeline Renbarger

Edtech platform MasterClass fires 20% of its employees

IANS

My child likes chess not coding, parents fume at edtech marketers on social media

IANS

Practically's Marketing Vice President shares important marketing lessons EdTech learnt during the Covid era

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Edtech startup Simplilearn bucks the trend — to hire 800 people this year

Vaamanaa Sethi

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