The industry will be witnessing a CAGR of over 40% with government taking care of the pain points & expanding the market horizon, says a report by Ken Research
1. Demanding Reforms: India's Vast Education Market Calls for Continuous Development
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India has a population of over 1 Bn with over 26 Crore students just at the school level. Every year over 8 Mn College Going Students require skill development to be Job Ready. There is a continuous need for summer training programs of <2 months (8 weeks) and career programs of 3-5 months for interview prep, finding internship opportunities and resume building is a necessity for college going students in order to get employed. When it comes to PG students, annually 4.5 Mn people pursue traditional PG Programs (MA, M.Com, MSc, MBA, Ph.D) who require constant job placement support and corporate-ready skills. Out of total corporates; 32 Mn working professionals feel the need for continuous part-time Specialized Up-skill courses. Job professionals are also interested in upskilling themselves to climb up the corporate ladder, indicating a dire need for reforms in the Edtech & Edufin Market in order to fulfil the increasing demand.
2. “Government & Consumer interest:” The Edufin market in India has seen a buzz in recent years as people resort to education loan schemes.
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With one of the world's fastest-growing economies, India has undoubtedly emerged as one of the fastest-growing FinTech hotspots in recent years. When it comes to education market, Students and parents are being more in favour of SNPL, zero-cost, and seamless pay-later solutions in the edufin market. In contrast to traditional choices, there is a rising number of unique customer-centric education finance programs. Additionally, PMVLK is a one-of-a-kind platform for students looking for education loans. It offers students a single-window electronic platform for information access and prepares applications for Educational Loans and Government Scholarships. This program seeks to include all banks that offer educational loans.
This government effort is anticipated to help students across the country by providing a single point of entry to various Educational Loan Schemes offered by all banks. Moreover, in the last 18-24 months, a new trail of startups, digital lenders, and NBFCs have attempted to enter the education finance space by offering flexible loans at low or zero interest rates, admissions, and career counselling support, and a ‘Study Now, Pay Later’ option – an extension of FinTech’s popular ‘Buy Now, Pay Later.
3. New reforms by the Government & Entry of new startups alongside a digital wave are expected to be witnessed by the EduFin Market in India.
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India’s EduFin market is expected to reach in the next 5 years owing to the adoption of EdTech sector. Education reforms in the form of the National Education Policy (NEP 2020) is expected to democratize education helping India achieve its goal of 50% Gross Enrolment Ratio by 2035. Moreover, entry of new startups in the EduFin sector is likely to be witnessed, backed by debt financing from VC firms. Tie-ups with EdTech companies expected to create a stronghold in the industry. Furthermore, the emergence of FinTech companies in the education sector will augment the spread of digitization in the country by promoting more and more people to embrace high-quality education. All in all, the market is expected to register a robust growth rate in the upcoming years.
