BlinC Invest, a venture capital company focused on Edtech and Fintech startups in India, publishes its first Early Childhood Care & 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 2nd largest in the world for e-learning (after the US), with an overall size of $100 Bn 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% 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, Amit Ratanpal, Founder & Managing Director, BLinC Invest, said, “The educational sector of our country hasn’t received much traction in the last few years. Our Early Childhood Care & Education Report identifies key gaps in the same and proposes Edtech start-ups 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 in 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 Bn. Learning, with a market size of $6.5 Bn, 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.