As offline education institutions reopen and demand for online education declines According to chief executive and cofounder Vamsi Krishna.edtech unicorn Vedantu has been focusing on adding new languages and lowering the prices of its courses by at least 70%.
“At Vedantu we had been working on how to bring the prices low so education is affordable for everyone. Our one-year long-term course for grade 6 to 12 which was earlier in the range of Rs 22,000-25,000 a year will now be available for Rs 5,000 with the use of augmented interactive live classes,” said Krishna in an interaction with ET.
Its most recent offering, Ai Live courses, is a technology-enabled interactive platform that costs Rs 5,000 per year. To cut costs, it uses artificial intelligence, speech synthesis, and content development.
The company said in a statement on Thursday that Ai Live interactive classes will be available for grade 6 to 12 curriculums for the Central Board of Secondary Education (CBSE), Indian Certificate of Secondary Education (ICSE), and Maharashtra Boards, as well as competitive exams like Joint Entrance Examination (JEE) and National Eligibility cum Entrance Test (NEET).
“Good teachers cannot reach Tier-2 and 3 cities and even with online, the penetration is slow. With our new price point, the barrier will be broken and we will see growth from those cities,” Krishna said.
Founded in 2011, Vedantu offers live tutoring classes to students from kindergarten to 12th standard (K-12). It also offers test preparation for competitive exams such as IIT-JEE, NEET, and school boards such as CBSE, ICSE, and state exams such as Maharashtra boards.
The company claimed its current retention rate is around 93%. It was around 65-70% in 2020, Krishna said. The retention rate is a measure of total users who continue with a particular service.
“There is no change in the retention rate once the student has brought and it is growing, however, new user acquisition is what is challenging and we may not grow like last year which was around 9 -10 times. It might be around 3-4 times (growth) this year for us,” Krishna said.
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