Byju's sees 86% paid subscription renewal rate
AI-driven digital learning tools boosting volumes as edtech major has 115mn students and 6.5mn paid subscribers on its platform, its COO tells Bizz Buzz
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New Delhi: Two years of pandemic have reshaped the requirements and delivery techniques of education all over the world, with edtech companies cashing in on the technological advancement such as artificial intelligence (AI) to drive the online learning demand.
Bizz Buzz spoke to Mrinal Mohit, Chief Operating Officer, Byju's, on the acceptance of online learning by both students and their parents.
"The ongoing pandemic has proved as an inflection point for the education sector across the world and brought forth the effectiveness and credibility of online learning. Technology-driven learning solutions have brought a significant behavioral shift in favor of online learning amongst students, parents, and teachers," Mrinal told Bizz Buzz. Earlier in the year, the edtech platform had launched Byju's Lab, which the company says will play a significant role in strengthening innovative content communication and setting new benchmarks in enhancing students' experience.
Byju's COO said that the lab focuses on propelling AI innovation in the education sector and making learning more accessible and hyper-personalized to enable individuals to reach their full potential.
Mrinal further stated, "today, we have over 115 million students and 6.5 million paid subscribers
using our app. In fact, we have witnessed a renewal rate of over 86 per cent each year. This is validation that our learning programmes are working for students and that parents are also convinced with the progress they are seeing in their child's learning journey."
As the world moves towards the end of the endemic, the education sector will see a rise in blended learning format as the new normal, offering the best of both offline and online experiences, he added.
"While the importance of school will remain uncontested, online learning platforms like ours will help enhance students' conceptual understanding and offer them a holistic learning experience from the comfort of their homes. Students will have the flexibility to choose what concepts they want to learn and the format in which they want to learn. Technology will be at the core of the 'classrooms of tomorrow' which will empower students to cross over from passive to active learning," Mrinal added.
