Softbank-backed Unacademy to take on rival Byju's with new store launch
India’s top edtech company Unacademy announced the launch of its first store in Delhi and will open three more such centres in Kota, Jaipur and Lucknow.
- Mar 11, 2022,
- Updated Mar 11, 2022 3:13 PM IST
Betting big on hybrid education model, India’s top edtech company Unacademy announced the launch of its first store (experiential centre) in Delhi and will open three more such centres in Kota, Jaipur and Lucknow, the traditional hubs for professional exam test preparations. This also marks a clear strategic move by the edtech major to lock horns with rival, decacorn Byju's which made nearly a $1 billion investment to acquire a chain of coaching centres, Aakash Educational Institutes, to strengthen its place in the hybrid education model.
Unacademy's co-founder and CEO Gaurav Munjal, while announcing the launch of Unacademy’s Delhi store, said on Friday that the hybrid retail model in education will be relevant, although the demand for online education is not expected to dent with COVID wave receding. “We grew 60 per cent last year and are growing equally well this year too, a clear indication of the country embracing online education model,” the edtech company head said.
He added that new stores are meant to provide better experiences to the target (new learners) to understand Unacademy’s products and offerings while they talk to the top educators in person. “This will definitely help us in lowering our customer acquisition costs as well as increase in average order value,” Munjal said.
Unacademy is eyeing an IPO in the next two years, he informed, adding that the push will be to achieve profitability before that. "I see our core business, test preparation to be profitable in next 12 months whereas Prep Ladder, which is one of our acquisitions, is already profitable,” Unacademy CEO said.
As per an official statement, Unacademy said the company has designed the store to serve as an offline touchpoint for learners who want to experience and browse through the various platform offerings. The store is conceptualised to help learners stay updated about their chosen career pathways and connect with like-minded people.
On-ground counseling with experts and frequent meetings with top educators and several other elements will provide a holistic experience at the stores to expand their knowledge about their chosen goals. Students can purchase subscriptions at the store for any chosen goals after counseling and browsing through the content offering, according to the company handout.
Munjal acknowledged that the edtech industry in India is also not where it should be while referring to the aggressive sales tactics that the top players in the industry have adopted to win a strategic lead.
“We do not have a push model in Unacademy like our roles and we do not do sales calls to push the customers. The launch of our stores is a testament to this as we want the new learners to get a first-hand experience of our products/ services,” he said.
Betting big on hybrid education model, India’s top edtech company Unacademy announced the launch of its first store (experiential centre) in Delhi and will open three more such centres in Kota, Jaipur and Lucknow, the traditional hubs for professional exam test preparations. This also marks a clear strategic move by the edtech major to lock horns with rival, decacorn Byju's which made nearly a $1 billion investment to acquire a chain of coaching centres, Aakash Educational Institutes, to strengthen its place in the hybrid education model.
Unacademy's co-founder and CEO Gaurav Munjal, while announcing the launch of Unacademy’s Delhi store, said on Friday that the hybrid retail model in education will be relevant, although the demand for online education is not expected to dent with COVID wave receding. “We grew 60 per cent last year and are growing equally well this year too, a clear indication of the country embracing online education model,” the edtech company head said.
He added that new stores are meant to provide better experiences to the target (new learners) to understand Unacademy’s products and offerings while they talk to the top educators in person. “This will definitely help us in lowering our customer acquisition costs as well as increase in average order value,” Munjal said.
Unacademy is eyeing an IPO in the next two years, he informed, adding that the push will be to achieve profitability before that. "I see our core business, test preparation to be profitable in next 12 months whereas Prep Ladder, which is one of our acquisitions, is already profitable,” Unacademy CEO said.
As per an official statement, Unacademy said the company has designed the store to serve as an offline touchpoint for learners who want to experience and browse through the various platform offerings. The store is conceptualised to help learners stay updated about their chosen career pathways and connect with like-minded people.
On-ground counseling with experts and frequent meetings with top educators and several other elements will provide a holistic experience at the stores to expand their knowledge about their chosen goals. Students can purchase subscriptions at the store for any chosen goals after counseling and browsing through the content offering, according to the company handout.
Munjal acknowledged that the edtech industry in India is also not where it should be while referring to the aggressive sales tactics that the top players in the industry have adopted to win a strategic lead.
“We do not have a push model in Unacademy like our roles and we do not do sales calls to push the customers. The launch of our stores is a testament to this as we want the new learners to get a first-hand experience of our products/ services,” he said.