The more industrialized western and southern regions hogged private investment. The onus of providing jobs shifted from the public to the private sector. The industry took off in a big way in the early 1990s, just as India began to unshackle private industry from licensing straitjackets and trade barriers. Traditional tutoring has a faster path to profit because its success is rooted in demographics and India’s post-socialist economic structure. PW, which offered online courses for as little as $45, can make nine to 17 times as much in a real classroom, according to a profile of Pandey by the news website Ken in May. Chasing profitability in its core online offering, Unacademy laid off about 1,000 employees in April the app is now cutting food and travel expenses, according to the Economic Times. With Covid-19 lockdowns no longer bolstering remote education, expect the shift to gather momentum. Not all tutors are getting paid that much, but the business case is definitely shifting offline. That’s $2.5 million, a princely sum for a Tier 2 city.Īlso Read | BYJU's faces litmus test as edtech bubble bursts in India
WAS THERE AN EARTHQUAKE JUST NOW PLUS
“We hear of annual salaries of 20-crore plus are being offered,” Naveen Maheshwari, a director at Allen told the newspaper, using the local convention for 200 million rupees. Allen Career Institute, expected to enroll 125,000 students this year (70% of the market in Kota), is unhappy that Unacademy has poached about 40 of its tutors, it says in a recent Mint article.
WAS THERE AN EARTHQUAKE JUST NOW SERIES
series by that name - a coming-of-age story about greasy food, budding romance and frustrations with inorganic chemistry - set against the backdrop of industrial-scale tutoring.) With the economy having fully reopened, the pandemic-era investor enthusiasm for online problem-solving is giving way to a renewed preference for physical lectures. PW’s bigger rival Unacademy, backed by Singapore’s state investor Temasek Holdings among others, has also shed the confines of mobile devices and stepped into the “Kota Factory.” (There is a Netflix Inc. Right now, however, the industry built on monetizing adolescent angst is itself gripped by a frenzy. The 23 campuses of the IIT open their gates to only 16,000 aspiring engineers a year. Meanwhile, the contest for the prestigious Indian Institutes of Technology, among the keenest pre-university competitions anywhere in the world, involves a brutal two-stage effort - a “main” test followed by an “advanced” exam. More than 1.5 million hopefuls scramble for a little over 100,000 medical and dentistry placements nationwide. The Indian test-prep market has always been about turning anxiety into cash. Read | Selling hope: Parents fall for ed-tech's false promises When Pandey showed up in his brand-new classroom, screaming teenagers thronged the online celebrity - at least according to the promotional YouTube video, which has been seen 3 million times in three weeks. PW’s splashy entry with its own campus to teach as many as 20,000 kids in two shifts is forcing the industry to slash its high fees. Kota is a city of 1.5 million in India’s northwestern state of Rajasthan where high-schoolers gather from across the Hindi-speaking northern belt and spend two years of gruelling 18-hour days with one goal: cracking the highly competitive entrance exams for engineering and medical schools.
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Pandey needs that cash to replicate his online success in the chaotic world of Kota, the hub of India’s unique test-preparation market.
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It raised $100 million in its first institutional funding round from WestBridge Capital and GSV Ventures. With more than 5 million downloads on Google Play Store, Pandey’s low-cost tutoring app - now known as PW - became a unicorn last month with a $1.1 billion valuation. 2.Sixteen-year-olds going crazy over their favourite Bollywood actor is one thing, but teenagers behaving hysterically on seeing a science tutor on stage? That’s the kind of superstardom that Alakh Pandey, the 30-year-old co-founder of Physics Wallah, has built up in India’s small cities and villages, starting eight years ago with nothing more than a whiteboard and a YouTube channel, which has since been viewed 1.4 billion times. Recent quakes above magnitude 1.0 in or near Nevada (updated ) Past 24 hours: 4.8 on Wednesday, at 4:28 pm (GMT -8) – California, USA 4.6 on Thursday, at 6:19 pm (GMT -7) – 7.8 mi NE of Ridgecrest, Kern County, California, USA 3.4 on Friday, at 7:47 pm (GMT -7) – 13 mi E of Coalinga, Fresno County, California, USA 3.0 | 38 mi W of Tonopah, Nye County, Nevada, USA. There were also 23 quakes below magnitude 2.0 which people don't normally feel. In the past 24 hours, Nevada had 1 quake of magnitude 3.0 and 2 quakes between 2.0 and 3.0.