BlinC Invest, a venture capital company focused on Edtech and Fintech startups in India, published its first Early Childhood Care and Education Report 2021. The report dives deep into the crucial aspects of the Indian education sector and shares a glimpse of tech-driven solutions and investment driving the success of the market.
India’s Education and Edtech market is the second largest in the world for e-learning (after the US), with an overall size of $100 billion in 2019. The market is divided into three broad categories- Early Childhood, K-12, and higher education, all offering skilled learning opportunities to churn out well-rounded students.
Owing to over 216 million children aged under 8 years and a low enrollment ratio, the report states that Early Childhood Care and Education (ECCE) is a huge untapped market in India, with an estimated market potential of $9.5 Bn and a recorded CAGR of 17 percent in the last 10 years. Even the rollout of the new education policy has expanded the scope of pre-primary education in the country and provided a regulatory tailwind.
Commenting on the release of the report, AmitRatanpal, Founder & Managing Director, BLinC Invest, said, “The educational sector hasn’t received much traction in the last few years. Our Early Childhood Care and Education Report identifies key gaps in the same and proposes edtech startups to play a greater role and instill digital technologies to revamp the traditional side of Indian education and prepare children for a better future”.
The report classifies all edtech startups under four key sectors--Early Childhood Edtech that aims to map a new beginning in India’s education sector; Starting with Aspiration, which works towards increasing the awareness of extracurricular activities among children and has a market size of $360 million. Then comes Engagement that has the prime purpose of keeping children constructively occupied and has a market size of $2.3 billion. Learning, with a market size of $6.5 billion, focuses on the long-term skills development of children between 6-8 years. Finally, there are Ancillary services that intend to introduce software-based learning in the existing pre-schools/schools/universities in India and operates with a market size of $300 million.
The report also underlines a few whitespace business models with a high possibility of success in India (Digital Storybooks, Cognitive Skills, Online Learning Channels, Language Learning - English & Foreign Languages, Teacher Training, Educational Content Providers, and a few others) based on scrutiny of the Indian startup ecosystem, global funding details, market size and potential growth.
