weskill

WeSkill Foundation Story

WeSkill is an online extracurricular learning platform founded in November 2020 by three IIM Ahmedabad alumni: Shaurya Joshi, Shashank Patidar, and Praneet Agarwal. The platform aims to address the lack of access to high-quality extracurricular activities for children. Here’s a look at their vision, early days, and the backgrounds of the founding team.

Vision and Early Days

WeSkill was started to solve the problem of inadequate access to extracurricular activities for children. The founders, who themselves faced this issue during their childhood, wanted to empower students to access holistic development opportunities. Shashank Patidar, one of the co-founders, mentioned that during his time in ed-tech consulting, he saw a growing demand from parents for high-quality extracurricular learning solutions[1].

The platform began with a simple yet ambitious goal: to provide engaging, informative, and gamified learning experiences for children between the ages of 4-14 years. The founders did not anticipate the high demand that would come from all parts of the country, but they were prepared to meet it with their scalable solution.

WeSkill’s vision is to build a one-stop platform where learners can learn new activities, share, and compete with peers across the world. By December 2024, the company plans to nurture a community of more than 5 million happy learners and launch new course categories for developing 21st-century skills.

Founding Team Background

The founding team of WeSkill comes with prolific academic and professional backgrounds. Shaurya Joshi is a National Law University alumnus and has previously worked in operations and strategy at Bira91. Shashank Patidar is an IIT Bombay alumnus who has worked in operations at Ola and in ed-tech consulting at Praxis Global. Praneet Agarwal is an IIT Delhi alumnus who has worked at Paytm and was a consultant at Bain & Company.

These diverse backgrounds bring a wealth of experience to the table. Shashank’s experience in ed-tech consulting helped identify the demand for extracurricular learning, while Praneet’s consulting background at Bain & Company added strategic depth to the venture. Shaurya’s operational expertise has been crucial in managing the platform’s growth.

The team’s collective experience has enabled WeSkill to deliver high-quality courses and maintain a strong retention rate among learners. With over 40,000 parents signed up and more than 1.5 million learner minutes of online classes delivered, the platform has shown significant traction since its inception.

WeSkill Business Evolution

WeSkill has undergone significant growth since its founding in 2020. Here’s a look at how the company evolved from its initial concept to its current state, key growth milestones, and the expansion of its product portfolio.

From Initial Concept to Current State

WeSkill started as a response to the lack of access to high-quality extracurricular learning. The founders saw an opportunity to leverage technology to democratize holistic education. Initially, the platform focused on music, dance, and art courses, but it quickly expanded to include more categories.

The platform’s early success was marked by high demand from parents across India. The founders noted that the consistently high Net Promoter Score (NPS) and retention numbers indicated a universal demand for their solutions. This demand led to rapid growth and the need to scale the platform.

Today, WeSkill is used by a vibrant community of parents and learners from over 800 cities across India. The platform has delivered more than 1.5 million learner minutes of online classes and has an 80% month-on-month retention rate, indicating strong user engagement.

Key Growth Milestones

WeSkill has achieved several key milestones since its inception. Here are some of the notable ones:

• Raised over $400,000 in pre-seed funding from reputed angel investors and syndicates in December 2021.
• Delivered more than 1.5 million learner minutes of online classes[1]).
• Achieved an 80% month-on-month retention rate[1]).
• Expanded its user base to over 800 cities across India[1]).
• Plans to build a community of more than 5 million happy learners by the end of 2024[1]).

These milestones reflect the platform’s rapid growth and its ability to meet the demand for high-quality extracurricular learning solutions.

Product Portfolio Expansion

WeSkill initially offered music, dance, and art courses but has plans to expand its product portfolio. Here are some areas they are focusing on:

• Developing 21st-century skills among the next generation[1]).
• Adding new course categories to its existing portfolio[1]).
• Providing courses in six different languages to cater to a broader audience[1]).
• Creating content bins based on search terms to enhance user experience[1]).
• Offering a gamified and interactive learning experience[1]).

This expansion is aimed at providing a more comprehensive learning experience for children and addressing the diverse needs of parents and learners.

WeSkill Technology Infrastructure

WeSkill’s technology infrastructure is crucial to its success. Here’s a look at the core platform architecture, security and compliance framework, and innovation in its industry.

Core Platform Architecture

WeSkill’s platform is designed to be scalable and user-friendly. Here are some key aspects of its architecture:

• Authoring and content distribution platform that offers out-of-the-box learning courseware[4]).
• Interactive and gamified learning experiences for children[1]).
• Ability to deliver courses in six different languages[1]).
• Content bins based on search terms to enhance user experience[1]).
• Flexible and customizable learning solutions[4]).

This architecture allows WeSkill to provide a seamless learning experience and cater to a wide range of learners.

Security and Compliance Framework

WeSkill prioritizes the security and compliance of its platform. Here are some measures they take:

• Ensuring data privacy and security for all user data[1]).
• Compliance with relevant educational and technological standards[1]).
• Regular updates and maintenance to ensure the platform remains secure and efficient[1]).
• Safe and convenient access to learning opportunities[1]).
• Parental controls and monitoring features to ensure a safe learning environment[1]).

These measures are crucial in maintaining trust and ensuring the platform’s integrity.

Innovation in its Industry

WeSkill is innovating in the ed-tech industry by leveraging technology to democratize holistic education. Here are some innovative aspects of their approach:

• Using technology to provide access to high-quality instructors and learning materials[1]).
• Offering gamified and interactive learning experiences to engage children[1]).
• Delivering courses in multiple languages to cater to a diverse audience[1]).
• Creating a community where learners can share and compete with peers globally[1]).
• Continuously updating and expanding their course portfolio to meet evolving educational needs[1]).

These innovations position WeSkill as a leader in the ed-tech sector, particularly in the area of extracurricular learning.

Company Market Impact

WeSkill, an edtech startup from India, has made a significant impact in the education and skills development sector. Here’s how they are making a difference:

User Base Growth

WeSkill has seen rapid growth in its user base since its inception in 2020. More than 40,000 parents have signed up for their courses, and the platform has delivered over 1.5 million learner minutes of online classes. This growth is attributed to the engaging and interactive learning experience provided by the platform.

The user base is spread across 800+ cities in India, indicating a wide reach and acceptance of the platform. The high retention rate of 80% month-on-month suggests that users find the platform valuable and continue to use it.

The platform offers a variety of activities such as dance, music, arts, and chess, which cater to diverse interests and age groups. This diversity helps in attracting a broad user base and keeps the learners engaged.

Market Share Expansion

WeSkill is aggressively gaining market share in the extracurricular segment in India. This segment is already a $5.8 billion market and is expanding at an 18% CAGR. WeSkill’s product-first approach and solid execution have enabled the company to compound its market share by 20% month-on-month.

The founders' focus on building a scalable tech-based learning solution has helped WeSkill to stand out in the market. Unlike traditional learning methods, WeSkill offers live online and interactive classes, which are more engaging and effective.

The company’s long-term vision is to build WeSkill as a one-stop platform where learners can learn new activities, share, and compete with peers across the world. By December 2024, WeSkill aims to nurture and build a community of more than 5 million happy learners and launch new course categories for developing 21st-century skills.

Financial Inclusion Initiatives

While specific financial inclusion initiatives by WeSkill are not detailed, the company's mission to provide accessible learning opportunities suggests a commitment to financial inclusivity. By offering online classes and self-paced learning modules, WeSkill makes education more accessible to a wider audience, including those who may not have the financial means to attend traditional offline classes.

The use of technology, such as computer vision and AI in their dance modules, also helps in reducing costs and making the learning experience more affordable. This approach ensures that quality education is not limited by financial constraints.

WeSkill’s expansion plans and growing user base indicate a potential for further initiatives that could enhance financial inclusion in education. For instance, offering scholarships or discounted rates for underprivileged students could be part of their future strategies.

Company Financial Journey

WeSkill’s financial journey is marked by significant milestones and growth. Here’s an overview of their financial progress:

Revenue Growth Story

WeSkill has experienced rapid revenue growth since its inception. The company's focus on scalable tech-based learning solutions has driven this growth. Although specific revenue figures are not publicly disclosed, the company's aggressive market share expansion indicates a strong revenue growth story.

The extracurricular segment in India, where WeSkill operates, is growing at an 18% CAGR. WeSkill’s ability to capture a significant portion of this market through its innovative learning platform contributes to its revenue growth.

The company’s user retention rate of 80% month-on-month also suggests a stable and growing revenue stream. High user engagement and retention are key indicators of a successful and profitable business model.

Path to Profitability

WeSkill’s path to profitability is built on its scalable and efficient business model. By leveraging technology to deliver interactive and engaging learning experiences, the company reduces operational costs associated with traditional offline classes.

The self-paced learning modules and the use of AI and computer vision in their courses help in maintaining a high quality of education while keeping costs in check. This balance between quality and cost-efficiency is crucial for achieving profitability.

WeSkill’s long-term vision of building a community of over 5 million learners by December 2024 also indicates a clear strategy towards achieving and sustaining profitability. A large and engaged user base can generate significant revenue through subscription models and other monetization strategies.

Investment Rounds and Valuations

WeSkill has received investments that have supported its growth and expansion plans. The company’s founders and investors are confident in its potential to become a leading brand in the extracurricular learning segment.

Shristhi Sahu from SSV, one of the investors, highlighted the company’s potential by stating that WeSkill has the potential to build the most recognizable and scalable brand for kids and parents. This confidence is reflected in the investment rounds and the company’s growing valuation.

Although specific details about the investment rounds and valuations are not provided, the aggressive market share expansion and the growing user base suggest that WeSkill has secured significant funding to support its growth plans.

Company Strategic Partnerships

WeSkill’s success is also attributed to its strategic partnerships. Here are some key partnerships that have contributed to its growth:

Banking Collaborations

There is no specific information available on WeSkill’s banking collaborations. However, in the edtech sector, banking partnerships can be crucial for financial inclusion initiatives and for providing easy payment options for users.

For instance, partnerships with banks could enable WeSkill to offer financing options for courses or provide scholarships to underprivileged students. Such collaborations can enhance the accessibility of the platform and contribute to its growth.

Merchant Partnerships

WeSkill might partner with merchants to offer exclusive discounts or services to its users. For example, partnerships with art supply stores could benefit students enrolled in arts courses, or music stores could offer discounts to students learning music.

These partnerships can enhance the learning experience by providing users with relevant resources and services. They also help in building a loyal user base by offering additional value beyond the learning platform.

Technology Alliances

WeSkill has formed significant technology alliances to enhance its learning platform. The use of computer vision and AI in their dance modules is a prime example of such alliances.

The integration of AI and computer vision allows for real-time feedback, making the learning experience more interactive and effective. This technology also helps in reducing costs and improving the overall quality of education provided by WeSkill.

Future technology alliances could include collaborations with other edtech companies or technology firms to integrate new features and improve the platform’s capabilities. These alliances are crucial for maintaining a competitive edge in the edtech sector.