Home / Companies / News /  'EdTech here to stay': Unacademy CEO Gaurav Munjal bullish on edtech sector
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SoftBank-backed edtech unicorn Unacademy founder and chief executive officer Gaurav Munjal is more bullish on the education technology space than he ever was. 

“EdTech is here to stay. In fact I am more bullish on it than I ever was," Munjal wrote.

In a series of tweets on Thursday, the Unacademy CEO said he believes that offline centres set up by online education companies aren't a sign that the edtech sector is failing.

“Opening a few Centres in two of our categories should not be linked to EdTech failing," he said, adding, “Correlation is not causation."

Back in 2020, when India went into a countrywide lockdown, all schools, colleges, and tuition centres had to shut offline classes. What followed was an unprecedented rise in online education – propelled by the need of the hour – and the sensational growth of India's edtech sector.

But as the pandemic situation betters and schools reopen, Unacademy, BYJU'S, and others have now started exploring a hybrid model.

Following its rivals BYJU’S and Unacademy, edtech unicorn PhysicsWallah has also forayed into the offline learning space with the launch of its first such centre – PW Vidyapeeth – in Kota, Rajasthan.

“When learners are young, they prefer a hybrid approach rather than pure offline. When learners are relatively older then they prefer pure online," Munjal said.

He further said: “Unacademy’s PrepLadder has a 20%+ Market Share in NEET PG and not a single Learner wants to go Offline."

He added, “Things are different in JEE and NEET. Learners want to go out. Parents want them to go out. More discipline is needed unlike NEET PG Learners where the intent to self learn is extremely high."

Last week, Unacademy announced the launch of two offline learning centres in Kota, Rajasthan.

“The largest offline institute has 200k Active Paid Subscribers. Unacademy has 800k Active Paid Subscribers," he added.

His comments come even as his firm Unacademy, in addition to other startups in the education technology space like Frontrow and Vedantu, have resorted to lay-offs in the wake of problems on the business front and drying up of funding in what is being termed as "funding winter".

Last month, Unacademy had laid off around 600 employees, which accounts for about 10% of its workforce, in a possible move to cut costs ahead of a potential funding slowdown in the country.

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