Quizizz

Quizizz Foundation Story

Quizizz is an edtech startup that aims to make learning fun and engaging through gamification and artificial intelligence. Founded in 2015, the company has grown significantly, impacting education globally. Here’s a look at its foundation and early days.

Vision and Early Days

Quizizz was founded by Deepak Joy Cheenath and Ankit Gupta, alumni of BITS Pilani. The idea behind Quizizz was to transform the classroom learning experience by making it more engaging and fun. Initially, while teaching remedial math in Bangalore, India, they realized the potential of gamification in education[2].

Their vision was to create a platform that would empower educators to design engaging learning experiences. This vision led to the development of a simpler quiz format that teachers could use to create their own quizzes, tailored to their lesson plans[1].

In the early days, Cheenath and Gupta worked on a project called Wizen World, a virtual world for math learning. Although it gained traction in US schools, they faced challenges in keeping up with the demand for new content. This feedback from teachers led to the creation of Quizizz.

Founding Team Background

Deepak Joy Cheenath and Ankit Gupta, the co-founders of Quizizz, have a strong educational background. After graduating from BITS Pilani in 2011, Gupta worked for a consultancy firm in Delhi, while Cheenath took a position as a software development engineer at Amazon in Hyderabad. In 2013, they quit their jobs to pursue their dream of disrupting the edtech market[1]).

Their experience in the corporate world and their passion for education drove them to create a platform that would engage students as effectively as gaming apps. This background in technology and education has been instrumental in shaping Quizizz into what it is today[1][4]).

Quizizz Business Evolution

Quizizz has undergone significant evolution since its inception. From its initial concept to its current state, the company has expanded its reach and product portfolio. Here’s a detailed look at its business evolution.

From Initial Concept to Current State

Quizizz started with Wizen World, a virtual world for math learning. However, the need for a simpler and more customizable quiz platform led to the creation of Quizizz in 2015. The platform allows teachers to design their own quizzes, making it highly adaptable to different learning environments[1]).

Today, Quizizz is used in over 150 countries, supporting millions of students. The platform has evolved to include various features such as gamified lessons, customizable workspace layouts, and the ability to create content bins based on search terms[1][2]).

The company has also expanded its presence globally, with a strong foothold in the US, UK, Canada, Australia, and emerging markets like India, Brazil, and Indonesia. Post-pandemic, Quizizz saw a significant growth in India, with its user base growing 25 times larger[1][4]).

Key Growth Milestones

Quizizz has achieved several key milestones in its journey. Here are some of the notable ones:

• Raised a total of $64 million in series-A and -B funding from investors like Tiger Global, Yahoo co-founder Jerry Yang, and Nexus Venture Partners[1]).
• Expanded to over 6,000 schools in the US and gained a significant presence in other countries[1]).
• Saw a 25-fold increase in active users in India post-pandemic[1]).
• Supports educators in over 150 countries, with 10% of the 1.5 billion students globally using Quizizz[1]).
• Launched in India in June 2020, aiming to replicate its US success in the home country[4]).

Product Portfolio Expansion

Quizizz has continuously expanded its product portfolio to meet the evolving needs of educators and students. Here are some key expansions:

• Introduced gamified lessons that empower educators to create engaging learning experiences[1]).
• Developed customizable workspace layouts for different instructional needs, such as Assembly, Editing, Color, and Export[1]).
• Allowed teachers to create content bins based on search terms, enhancing the organization and accessibility of learning materials[1]).
• Focused on building new assessment tools and exploring innovative products for corporates[1]).
• Complemented the classroom experience without aiming to replace the physical classroom or teachers[1]).

Quizizz Technology Infrastructure

Quizizz’s technology infrastructure is crucial to its success. Here’s an overview of its core platform architecture, security and compliance framework, and innovations in the edtech industry.

Core Platform Architecture

The core platform architecture of Quizizz is designed to be user-friendly and highly customizable. The platform is built to allow teachers to create their own quizzes easily, using a simpler quiz format. This flexibility is a key feature that sets Quizizz apart from other edtech platforms[1]).

The engineering team, based in Bengaluru, is responsible for the development and maintenance of the platform. This team ensures that the platform is robust and meets the diverse needs of educators globally[1]).

Quizizz supports various instructional needs through its customizable workspace layouts and content creation tools. This architecture enables teachers to use the platform efficiently in different classroom settings[1]).

Security and Compliance Framework

Quizizz takes the security and compliance of its platform very seriously. Here are some measures they have in place:

• Data protection policies to ensure the confidentiality and integrity of user data[1]).
• Compliance with educational standards and regulations to ensure the platform is safe for use in schools[1]).
• Regular updates and patches to maintain the security of the platform[1]).
• Transparent privacy policies to inform users about how their data is used[1]).
• Collaboration with educational institutions to ensure the platform meets their security requirements[1]).

Innovation in its Industry

Quizizz has been a pioneer in innovating the edtech industry. Here are some ways it stands out:

• Use of gamification to make learning more engaging and rewarding for students[1]).
• Integration of artificial intelligence to enhance the learning experience[1]).
• Development of new assessment tools and innovative products for corporates[1]).
• Expansion into new geographies, including emerging markets like India, Brazil, and Indonesia[1][4]).
• Focus on complementing the classroom experience rather than replacing it, emphasizing the importance of teachers[1]).

Company Market Impact

Quizizz, an edu-tech startup from India, has made a significant impact in the education sector. Founded by Ankit Gupta and Deepak Joy Cheenath, the company has been transforming the way teachers and students interact with homework and tests. Here’s a look at how Quizizz has been growing and expanding its market presence.

User Base Growth

Quizizz has seen remarkable growth in its user base. By 2020, the company had already recorded 65 million monthly active users (MAU), a significant jump from 50 million MAU just a few months earlier[8]. This growth is attributed to the engaging and interactive way Quizizz turns homework and tests into self-paced games. The platform is used not only by students but also by teachers who find it easier to manage and track student progress.

The user base is diverse, with users from various countries, including the United States, India, and the United Kingdom. In the U.S., Quizizz is used by several large school districts such as Anne Arundel County Public Schools, Hawaii Department of Education, and Cobb County School District[7]. This widespread adoption indicates the platform's effectiveness and appeal.

Quizizz is also expanding its reach in India, though it is still in the early stages. The company plans to integrate Indian regional languages to boost adoption, recognizing the growing demand for technology-enabled learning in the country.

Market Share Expansion

In the digital assessments and tests market, Quizizz has carved out a notable share. While it may not be the largest player, it competes with major companies like Prometric, Classmarker, and Respondus. Quizizz's market share, though not the highest, is significant and indicates its strong presence in the market.

The platform's market expansion is driven by its unique features, such as game-design elements and instant feedback. These features make learning fun and engaging, which is a key differentiator in the education technology space. Quizizz's ability to save teachers time while making learning enjoyable has contributed to its market share growth.

Here are some of the key areas where Quizizz is making a mark:

• K-12 Education: Quizizz is widely used in K-12 education, with a focus on making learning interactive and fun.
• Curriculum Development: The platform is used for curriculum development, helping teachers create engaging and effective lesson plans.
• Special Education: Quizizz also caters to special education needs, providing personalized learning experiences for students with different abilities.

Financial Inclusion Initiatives

While Quizizz is primarily focused on education, it also contributes to financial inclusion through its corporate training programs. The company works with businesses and nonprofits to provide employee engagement activities and corporate training. This includes clients like AWS, Discovery Network, and Deloitte, who use Quizizz for industrial and security training.

These initiatives help in building a more skilled and engaged workforce, which can have broader financial inclusion benefits. By making training more engaging and accessible, Quizizz helps companies invest in their employees more effectively.

Here are some ways Quizizz’s corporate training contributes to financial inclusion:

• Employee Engagement: Quizizz’s interactive training methods enhance employee engagement, leading to better job satisfaction and productivity.
• Corporate Training: The platform is used for various corporate training programs, including industrial and security training, which are crucial for workforce development.
• Nonprofit Partnerships: Quizizz collaborates with nonprofits to provide training programs, which can help in skill development and employment opportunities[8]).

Company Financial Journey

Quizizz has had a notable financial journey since its inception. Founded in 2015, the company has grown both in terms of revenue and profitability. Here’s a detailed look at its financial story.

Revenue Growth Story

Quizizz has seen significant revenue growth over the years. By FY19, the company’s Indian subsidiary, Atqm Learning Solutions Private Limited, generated INR 3.1 Cr in revenue, which was a 40% increase from the previous fiscal year[8]). This growth is a result of its expanding user base and the increasing adoption of its platform.

The revenue growth is also driven by its subscription model, particularly through employee engagement and corporate training programs. These programs provide a steady and larger source of revenue, contributing to the company’s overall financial health[8]).

Here are some key financial milestones for Quizizz:

• Revenue in FY19: INR 3.1 Cr, a 40% increase from the previous year[8]).
• EBITDA in FY19: INR 34.5 lakhs, an increase of 29% compared to FY18[8]).
• Profitability: Quizizz has been profitable since it started monetizing its services[8]).

Path to Profitability

Quizizz’s path to profitability has been steady and well-planned. The company started generating revenue through its subscription model and corporate training programs. This approach has helped Quizizz maintain profitability since it began monetizing its services[8]).

The focus on providing value through engaging and interactive learning experiences has been key to its financial success. By saving teachers time and making learning fun, Quizizz has created a loyal user base that contributes to its revenue and profitability.

Here are some factors that contributed to Quizizz’s profitability:

• Subscription Model: The subscription-based revenue from employee engagement and corporate training programs has been a steady source of income[8]).
• Value Proposition: Quizizz’s unique features and benefits have helped it retain users and attract new ones, contributing to its financial stability[6]).
• Efficient Operations: The company’s ability to manage costs and operate efficiently has also played a crucial role in its profitability[8]).

Investment Rounds and Valuations

Quizizz has received funding from several investors, which has helped it grow and expand its operations. The company has been funded by Nexus Venture Partners, GSF, and Prime Venture Partners, with a total funding of $3.0 million[6]).

This investment has been crucial for Quizizz’s development, allowing it to enhance its platform and expand its user base. Here are some details about the investment rounds:

• Total Funding: $3.0 million[6]).
• Investors: Nexus Venture Partners, GSF, and Prime Venture Partners[6]).
• Use of Funds: The funding has been used to improve the platform, expand the user base, and enhance the overall learning experience[6]).

Company Strategic Partnerships

Quizizz has formed several strategic partnerships to enhance its offerings and reach a broader audience. These partnerships are crucial for the company’s growth and expansion.

Banking Collaborations

While Quizizz does not have direct banking collaborations, its corporate training programs with financial institutions like Deloitte indicate its potential in this area. These partnerships help in providing financial literacy and other training programs, which can be seen as a form of financial inclusion initiative[8]).

Here are some ways Quizizz could potentially collaborate with banking institutions:

• Financial Literacy: Quizizz could partner with banks to provide financial literacy programs for employees and customers[8]).
• Employee Training: The platform could be used for training bank employees on various financial and security protocols[8]).
• Customer Engagement: Banks could use Quizizz to engage with customers through interactive financial education programs[8]).

Merchant Partnerships

Quizizz does not have specific merchant partnerships, but it works closely with various organizations to provide training and engagement programs. These partnerships are more focused on the educational and corporate sectors rather than merchant collaborations[8]).

Here are some potential areas where Quizizz could form merchant partnerships:

• Corporate Training: Quizizz could partner with merchants to provide training programs for their employees, enhancing their skills and productivity[8]).
• Customer Engagement: Merchants could use Quizizz to engage with their customers through interactive quizzes and games[8]).
• Marketing Initiatives: Quizizz could be used by merchants as a tool for marketing initiatives, such as interactive promotions and contests[8]).

Technology Alliances

Quizizz has formed alliances with various technology companies to enhance its platform and services. These alliances are crucial for integrating new technologies and improving the user experience.

Here are some ways Quizizz has formed technology alliances:

• Platform Integration: Quizizz integrates with various educational platforms to provide a seamless learning experience[6]).
• Technology Enhancements: The company collaborates with tech firms to enhance its platform with the latest technologies, such as instant feedback mechanisms and game-design elements[6]).
• Scalability: Technology alliances help Quizizz scale its operations, supporting its growing user base and expanding market presence[6]).