India’s EdTech sector has grown at an unprecedented pace over the past decade, driven by low-cost data, broader internet access and evolving learning models. In 2024, the market was valued at $7.5 billion, with projections of $29 billion by 2030. 

The COVID-19 pandemic dramatically accelerated EdTech adoption. With 321 million students and teachers confined to their homes during lockdowns, online learning became a necessity rather than an option. Global investment in EdTech increased to $16.1 billion in 2020, up from just $500 million in 2010, highlighting the sector’s rapid growth over the decade.

Established players such as BYJU’S, Unacademy, Vedantu and upGrad scaled operations rapidly, while new entrants captured emerging niches. Even global platforms benefitted.  

By 2021, India had established itself as the second-largest EdTech market in the world after the United States, attracting approximately $4.73 billion in funding that year. Indian companies also began expanding internationally, acquiring firms across the US, the Middle East, Africa and Southeast Asia to establish a global presence.

The unicorn leaders

BYJU’S: Launched in 2011 in Bangalore, BYJU’S rapidly set the benchmark for online learning in India and developed into one of the world’s most valuable EdTech companies at the time. By 2018, the platform had over 15 million registered users, of whom 900,000 paid an annual subscription fee, with an impressive 85% choosing to renew. In 2022, BYJU’S was valued at $22 billion and had become the world’s most valuable EdTech company.

Unacademy: What began in 2010 as a modest YouTube channel, soon developed into a full fledged online learning platform. As of 2021, the company was valued at $3.44 billion and had raised $860 million in funding from investors. Unacademy now is one of India’s largest online learning platforms with over 50 million active learners and more than 1500 daily live classes. The platform has built its reputation on affordability and accessibility, aiming to democratise the process of preparing for India’s toughest competitive examinations. 

Vedantu: In the online education space, Vedantu has established itself as a prominent and trusted platform, delivering personalised and affordable learning solutions for students from grades 1 to 12. Powered by its proprietary WAVE (Whiteboard Audio Video Environment) technology and supported by expert educators, it offers scalable online and offline tutoring aligned with school curricula and competitive exams. In Q4 FY25, Vedantu achieved profitability, with collections rising 67% year-on-year to ₹90 crore (approximately $11 million). The company closed FY25 with total collections of ₹284 crore (around $35 million), a 55% increase from the previous fiscal year, while reducing cash burn by 30% to ₹70 crore ($8.5 million). With a focus on accessibility, innovation and student engagement, Vedantu continues to expand its reach across India and explores opportunities in global markets.

upGrad: Founded in 2015, upGrad has emerged as a leading higher education technology platform in South Asia, empowering over 10 million learners across more than 160 countries. The platform offers over 200 industry-relevant courses in partnership with top global universities, combining data-driven learning, expert faculty and personalised career services. With a network of over 1,400 hiring partners and more than 500 career advisors, upGrad has facilitated over 450 successful career transitions. Achieving unicorn status in 2021 with a valuation of $1.2 billion, upGrad continues to shape professional learning and global workforce development. In response to declining interest in U.S. and U.K. campuses due to stricter visa regulations and rising costs, upGrad is strategically expanding its university partnerships across the Middle East and Asia-Pacific regions, including Singapore, Malaysia, Japan, Vietnam, Bangladesh, Nepal, and Sri Lanka.

Physics Wallah: Originally launched as a YouTube initiative, Physics Wallah achieved the unicorn status in 2022. It is transforming education in India through digital-first learning models that expand access for students in underserved regions. Reaching 98% of India’s pin codes currently, PW serves over 10 million learners via its app and provides educational content to more than 36 million students through 80 YouTube channels in eight vernacular languages. Renowned for its affordability and accessibility, PW exemplifies how these models are breaking barriers for students nationwide. Guided by a student-first ethos and a sharp understanding of market needs, Physics Wallah offers cost-effective learning solutions, offering learning outcomes equivalent to top traditional coaching Institutes.

“If we teach today as we taught yesterday, we rob our children of tomorrow.”

 – John Dewey

When vision and capital transformed EdTech

When Covid-19 struck in 2020, the world was forced into an abrupt digital pivot. Education, one of the most disrupted sectors, saw schools and universities shut overnight, only to be reimagined almost instantly through the EdTech ecosystem. What had once been a niche option for the tech-savvy or institutions in partnership with digital providers, now became the default mode of learning. 

India, in particular, witnessed a meteoric transformation. Venture capital responded in kind; funding surged to $1.95 billion in 2020 alone, surpassing the combined total of the preceding five years. For students, affordability and accessibility made digital classrooms attractive. Quality education, interactive content and top-tier tutors were suddenly within reach across income groups

The surge reflected in numbers. By 2021, India had more than 4,000 EdTech start-ups, offering everything from adaptive learning platforms to AI-driven management systems. Unicorns became the face of this boom.

• During COVID-19 pandemic, Physics Wallah experienced significant growth, later securing $210 million in 2024 and reaching a valuation of $2.8 billion.
• upGrad’s valuation grew in 2022 to $2.25 billion reinforcing its strength in professional learning.
• BYJU’S and Unacademy dominated fundraising in 2021, raising $1.44 billion  together, accounting for more than 76% of the total EdTech funding in 2021.

EdTech firms moved swiftly to expand and strengthen their market positions, reflecting a broader industry focus on growth, consolidation, and diversification of learning models. BYJU’S, for instance, made significant investments in offline education through its acquisition of Aakash Institute, while PhysicsWallah scaled its tech-enabled Vidyapeeths and Pathshalas – both proving to be strong revenue drivers. Similarly, Vedantu acquired the doubt-solving platform Instasolv, upGrad added The Gate Academy and Rekrut India to its portfolio, LEAD School took over the gamified assessment start-up Quiznext, and Eduvanz acquired Klarity.

The surge in the investment grew stronger as a wave of new players entered the market. Reports showed that Indian start-ups raised $2.22 billion in 2020, four times more than the year before, with K–12 learning taking the largest share at almost $1.98 billion. In just one year, from 2019 to 2020, 435 new EdTech firms appeared, including:

• LearnVern (offering job courses in local languages), 
• Filo (on-demand help for exam preparation) and 
• BeyondSkool (live skills classes for children). 

Women in India’s EdTech

EdTech, is reshaping the way knowledge is delivered, making learning more inclusive, tailored, and engaging than ever before. At the forefront of this transformation are women who are not only driving innovation but also ensuring that technology adapts to the diverse needs of learners worldwide.  

Divya Gokulnath, co-founder of BYJU’S, whose determination and clear sense of purpose had helped propel the company onto the global stage, turned it into a leading force in EdTech. Her dedication to delivering affordable, effective learning tools has won her recognition internationally and contributed significantly to the platform’s vast user base.

Similarly, Tanushree Nagori, co-founder of Doubtnut, has harnessed image recognition technology to provide quick and reliable solutions for students grappling with mathematics and science problems.

Akanksha Chaturvedi, through her venture Eduauraa, is reimagining the education landscape with fresh, innovative methods designed to make quality learning accessible to all. 

Meanwhile, Anuradha Agarwal, founder of MultiBhashi, has focused her efforts on early-stage language acquisition. Drawing on her background in computer engineering and management, she has created a platform that helps young learners build strong foundations in communication.

Together, these women exemplify how female entrepreneurs are redefining education through technology, not just by founding companies but by shaping the very future of how students learn.

When the cracks appeared

The Indian Edtech sector has faced significant turbulence in recent years, driven by high operational costs, low user retention, and increasing regulatory pressures. Many startups faltered due to poor market research, lack of patience, and a failure to differentiate between users and paying customers. In addition, the premature adoption of advanced technologies such as AI, AR, and blockchain without clear value for learners, drove up costs and created user confusion. Limited collaboration with teachers and educational institutions, alongside insufficient user training, further hindered adoption and engagement. These challenges contributed to the sector’s slowdown. 

Even as companies expanded rapidly during the pandemic, the post-pandemic landscape has been particularly challenging. With the reopening of physical classrooms, the market has seen oversaturation, intense competition, and shrinking margins, leading to a dramatic reduction in funding, from a peak of $3.6 billion in 2021 to just $0.64 billion in 2024. The resulting cost-cutting measures and layoffs have affected thousands of employees, including major players such as BYJU’S, Vedantu, and Unacademy. Many smaller startups, including Stoa School and Bluelearn, have shut operations, while others struggle to maintain relevance in a more selective and competitive environment.

In response, some EdTech companies are shifting towards hybrid models that combine online and offline learning. Experts predict a consolidation phase, with success likely to favour innovation-driven and specialised firms that complement traditional education systems rather than attempt to replace them. As investors and founders recalibrate their expectations, adaptability and tangible value are emerging as the key determinants of sustainable growth in India’s EdTech landscape.

What comes next for EdTech in India

India’s EdTech sector is experiencing significant growth and transformation. The market, valued at approximately US$7.5 billion in 2024, is projected to reach US$29 billion by 2030, according to a report by the Internet and Mobile Association of India (IAMAI) and Grant Thornton Bharat. Key developments shaping the landscape include the integration of artificial intelligence (AI), immersive technologies like virtual reality (VR), augmented reality (AR) and data-driven insights. These innovations are redefining learning experiences, enabling personalized tutoring and virtual classrooms that cater to diverse learning needs. Hybrid models are bridging the gap between online and offline education, ensuring equitable access for students across urban and rural areas.

AI-powered platforms are enhancing personalisation, predictive analytics and adaptive curricula, while immersive technologies are making abstract concepts more tangible and interactive. EdTech is also addressing social-emotional learning, mental health and workforce upskilling, positioning itself as a tool not only for academic achievement but for holistic personal and professional development.

Despite these advancements, the sector faces challenges. The downfall of BYJU’S, which dominated headlines in 2024, has raised concerns about the long-term sustainability of large-scale EdTech ventures. Unacademy is navigating its own trials, expanding offline operations while improving unit economics and managing leadership turnover, with hybrid models central to its strategy. PhysicsWallah, by contrast, is emerging as a trailblazer, leveraging recent funding to expand offline centres and preparing for a $437 million IPO, signalling renewed investor confidence in niche, innovation-driven players.

Generative AI adoption is accelerating, with platforms introducing AI tutors and intelligent content generation to enhance personalisation and reduce operational costs, foreshadowing a restructuring of business models across the sector.

Looking ahead, 2025 is expected to be a year of consolidation and strategic growth. Investors are prioritising companies with proven unit economics, sustainable expansion, and demonstrable learning outcomes rather than vanity metrics such as user downloads. EdTech verticals such as study abroad, upskilling, and reskilling are gaining traction, particularly as AI and automation reshape workforce requirements. With hybrid learning, ethical AI, immersive technologies, and micro-credentialing becoming central to the sector, India’s EdTech landscape is evolving into a more mature, outcome-driven ecosystem.