An investment of INR 30 crore has been approved by Info Edge (India) for Redstart Labs (India), a fully-owned subsidiary of the business. 3,000,000 Compulsorily Convertible Debentures (CCDs) with a face value of INR 100 each have been agreed to be purchased by the company. Redstart is still the company’s wholly-owned subsidiary after this investment.
Redstart’s business activities include direct or indirect investments in tech companies, software development, consulting, technical support for consumer companies, internet or SAAS providers, and any other services related to product development and information technology.
RedStart Labs Invested INR 1 Crore in BrainSightAI Healthtech Firm
According to a BSE filing, RedStart Labs (India) invested around INR 1 crore in Bengaluru-based health technology business BrainSightAI in 2023. RedStart has a 4% fully converted and diluted interest in BrainSightAI.
Online classifieds, including Naukri.com, the matrimonial site Jeevansathi.com, and the real estate marketplace 99acres.com, are all owned by InfoEdge. BrainSightAI was founded in 2019 and uses artificial intelligence to give neurologists, psychiatrists, and neurosurgeons evidence-based treatment ideas.
About InfoEdge (India)
The business was first established as Info Edge (India) Private Limited on May 1, 1995, in accordance with the Companies Act of 1956. On April 27, 2006, it changed its name to a public limited company. Info Edge began as naukri.com, an online classified recruitment company. Since then, it has expanded and changed its business model quickly, becoming a model for others to follow. Today, it is India’s leading online listing company for recruitment, marriage, real estate, education, and associated services. It is driven by innovation, creativity, a strong culture of entrepreneurship, and a team of skilled and experienced leaders.
In order to capitalise on the thriving and expanding Indian internet industry, the corporation has made investments in start-ups and early-stage businesses, demonstrating its entrepreneurial spirit. The company currently owns shares in the following companies: Rare Media Company Private Limited, Goa-based Mint Bird Technologies Private Limited, Mumbai-based Green Leaves Consumer Services Private Limited, Etechaces Marketing and Consulting Private Limited, Kinobeo Software Private Limited, Canvera Digital Technologies Private Limited, Happily Unmarried Marketing Private Limited, and Zomato Media Private Limited.
Info Edge employs 4,049 people working in innovation, product development, social media and mobile integration, technology and technology updates, research and development, quality assurance, sales, marketing, and payment collection across its network of 62 offices spread across 43 cities in India. With the website www.naukrigulf.com, it has also ventured overseas into the Gulf market. At the moment, it maintains offices in Dubai, Bahrain, Riyadh, and Abu Dhabi.
Hotel firm OYO’s former chief financial officer (CFO), Abhishek Gupta, has been appointed CFO of eyewear manufacturer Lenskart.
“I recently started working at Lenskart as the CFO after nine incredible years at OYO,” Gupta stated. In his October 22 LinkedIn post, Gupta thanked OYO founder Ritesh and the entire team for their friendship and trust. Mukti Hariharan, who had been CFO of Lenskart before this, left to join Coca-Cola; therefore, this news comes as no surprise.
Abhishek Gupta’s Stint as an OYO Executive
Gupta started working with OYO in June 2015. He oversaw investor relations, treasury and controllership operations, and fundraising over his nine years with the company, all of which were vital to its financial expansion.
His assistance was especially crucial when OYO handled important changes, such as getting ready for its initial public offering. In December 2023, he announced his departure after Rakesh Kumar, who had worked for the company for more than six years, was elevated to the position of group CFO.
Switching from OYO to Lenskart
According to his LinkedIn profile, Gupta formally joined Lenskart in August 2024 after departing OYO in March. Gupta’s duties at Lenskart include improving corporate governance and spearheading the company’s financial strategy.
His proficiency in financial management and long-term strategic planning will be essential as Lenskart is growing its market share. Former Lenskart CFO Mukti Hariharan departed the firm in September 2024 after guiding it through significant turning points, including a $200 million capital round in June.
Hariharan, who began working with Lenskart in April 2023, said she was proud of the high-achieving team she helped create while she was associated with the firm. She currently works as the Vice President of Finance at Coca-Cola India and Southwest Asia.
The Professional Experience and Vision of Gupta for Lenskart
Gupta has held positions at GE and Philips in addition to OYO. Gupta, an MBA graduate from the Indian School of Business and Harvard University, has continuously shown that he is a financial expert when it comes to overseeing extensive businesses.
His duties at Lenskart will be centred on long-term planning, financial management, and promoting the business’s continuous expansion in the cutthroat eyeglasses sector.
Recent Financial Status of Lenskart
Peyush Bansal, Neha Bansal, Amit Choudhary, and Sumeet Kapahi, the company’s co-founders, recently contributed close to USD 20 million to Lenskart. According to the corporation, it runs more than 2,500 outlets, almost 2,000 of which are in India. Nearly 60% of its revenue originates from India, with the remainder coming from other markets such as Singapore, Dubai, the US, and Southeast Asia.
Operating revenue for Lenskart increased significantly from INR 1,502 crore in FY22 to INR 3,788 crore in the fiscal year that ended in March 2023. The company was able to cut its losses by 37.3%, from INR 102 crore in FY22 to INR 64 crore in FY23, thanks to this expansion and controlled spending.
Dutch technology investor Prosus is still optimistic about the Indian market despite its unsuccessful bet on Byju’s, which was once the most valuable company in the country. Fabricio Bloisi, CEO of Prosus and Naspers, stated that the company will keep investing in India and is enthusiastic about the future of the nation. In a letter to shareholders on October 21, 2024, Bloisi stated that Prosus, the biggest investor in Swiggy, which is set to go public, also anticipates more Indian businesses in its portfolio to do the same over the next 12 to 18 months.
Prosus, which is mostly owned by Naspers of South Africa, has invested in several Indian businesses, such as Meesho, Urban Company, and PharmEasy.
Swiggy’s IPO a Master Stroke for Prosus
“Swiggy declared its intention to go public. Our initial investment and effort in India is yielding positive results. In the upcoming 12 to 18 months, I anticipate seeing more of our investments in Indian initial public offerings,” Bloisi stated. In addition to filing for an IPO of INR 10,000 crore, Swiggy obtained shareholder approval to possibly increase the amount of its entire issuance to around INR 11,700 crore. The IPO is the largest startup IPO since Paytm’s INR 18,300 crore public offering in 2021, and it is anticipated to go live next month. After an absence of three years, a thriving Indian initial public offering (IPO) market has pushed a number of startups, including FirstCry and Ola Electric, to go public. Several other modern enterprises are also in queue for IPOs.
Prosus and Byju’s Legal Battle
In addition to opposing Byju’s rights issue, Prosus and a few other investors, such as Peak XV Partners and General Atlantic, have been involved in a legal dispute with the startup, bringing a suit against the management for harassment and mismanagement. Prosus wrote off its investment in Byju’s earlier this year due to insufficient information about the company’s liabilities, financial standing, and prospects. According to Bloisi, Prosus increased its e-commerce adjusted ebit by over $400 million in FY24 and is currently valued at $100 billion.
Prosus cut its Byju’s valuation to $5.1 billion nearly a year ago, just after its representative quit from the board of Think and Learn Pvt. Ltd., the edtech startup’s parent business. Additionally, representatives from the Chan Zuckerberg Initiative and Peak XV Partners left Byju’s board.
In November of that year, Prosus again reduced its Byju valuation to $3 billion. Given how widely education is being adopted digitally worldwide, Prosus is still very interested in the field of education. However, during the company’s earnings call on June 24, a Prosus spokesperson stated that all three of the education firms in its portfolio—Stack Overflow, Skillsoft, and Byju’s—had not met the organisation’s goals. “Over the past year, our performance has been hindered by Byju’s.”
On 21 October 2024, PB Fintech announced that its wholly-owned subsidiary, PB Financial Account Aggregators Private Ltd, had received a “Certificate of Registration” (CoR) from the Reserve Bank of India (RBI) to begin operating as an “Account Aggregator.” Subject to the RBI-mandated restrictions outlined in the CoR, the Wholly Owned Subsidiary may operate as a non-banking financial institution without taking deposits from the general public.
In a filing with the stock exchanges, PB Fintech stated that PB Financial Account Aggregators Private Ltd is now qualified to operate as an account aggregator following the CoR approval. The CoR will go into effect on October 18, 2024.
Managing Body
Policybazaar, an insurance aggregator, and Paisabazaar, a credit marketplace, are both operated by PB Fintech, the primary entity. In January 2023, the RBI gave PB Financial Account Aggregators in-principle authority to launch their account aggregation service. PB Fintech established a fully-owned subsidiary, PB Financial Account Aggregators, in February 2022 and submitted an application to the RBI to get a “CoR” as an NBFC-AA. Debit cards, credit cards, cardless EMIs, UPIs, bank transfers, e-wallets, and e-mandates are just a few of the payment options that payment aggregators allow their clients to accept.
For the quarter ending June 30, 2024, PB Fintech recorded a consolidated net profit of INR 59.98 crore, compared to a net loss of INR 11.90 crore for the same period in the previous fiscal year. For the third consecutive quarter, the business turned a profit and stayed in the black in the June 2024 quarter. PB Fintech declared a net profit of INR 60.19 crore for the March 2024 quarter. In the quarter ending December 2023, PB Fintech reported a net profit of INR 37.2 crore.
Current Account Aggregator Scenario in India
With the accreditation, PB Fintech becomes an NBFC-AA, joining the ranks of companies like Perfios, Setu, and DigiO.
One component of the India Stack is the account aggregator framework. Its goal is to make it possible for a system of financial data exchange to send client information securely and with their express agreement. Customers can choose how their financial information is shared by voluntarily registering with an AA.
94 financial institutions have implemented the account aggregator framework as both Financial Information Provider (FIP) and Financial Information User (FIU) as of June 30, 2024. 353 financial institutions have launched as FIU, whilst 60 financial institutions have launched as FIP.
PB Fintech received its NBFC-AA certification while simultaneously attempting to enter the payment aggregation market. The business founded PB Pay earlier this year, and in March 2024, it submitted an application for a payment aggregator licence.
In addition to this, PB Fintech wants to expand beyond its core financial services industry. Yashish Dahiya, the group CEO of PB Fintech, stated last month that the company is thinking of investing $100 million all at once to enter the healthcare industry. After receiving board approval, the corporation will use the investment to purchase a 30% share in a new healthcare business.
According to Ola Electric, out of the 10,644 customer complaints it has received thus far, 99.91% have been handled and resolved successfully. In a regulatory filing on September 21, 2024, the manufacturer of electric two-wheelers notified the Central Consumer Protection Authority (CCPA) of the latest developments on long-pending customers’ issues. The CCPA issued a show-cause notice to the Bengaluru-based company earlier this month in response to subpar conditions at its service centres throughout the nation.
The Department of Consumer Affairs’ National Consumer Helpline reports that between September 1, 2023, and August 30, 2024, 10,644 complaints were filed against Ola e-scooters. Of these, 1,899 deal with new vehicle delivery delays, 3,389 with servicing delays, and 1,459 with unmet promises of services.
The Claims Made by Ola in its Filing
Ola Electric said in a regulatory filing that it would like to make it clear that it has a strong system in place to handle concerns about its electric two-wheeler. In reality, the company would like to highlight that, thanks to Ola Electric’s strong redressal system, 99.1% of the 10,644 complaints it received from the CCPA were resolved to the full satisfaction of the consumer.
A notice from the Automotive Research Association of India (ARAI) was also addressed by the company, which is run by Bhavish Aggarwal. Prior to the company’s BOSS sale, the notification raised concerns about the price plan of its S1 X 2 kWh scooters. Ola Electric gave clients an invoice dated October 6 that showed a INR 5,000 discount and stated that it had not changed the prices during the sale. Additionally, it provided a screenshot taken from its app, verifying that the scooter’s cost had not altered.
What Exactly Happened Earlier?
With as many as 80,000 customer complaints each month going viral on social media and stories of Ola Electric vehicles collecting dust at repair locations, this calculated approach is a response to growing customer unhappiness. Both lawmakers and consumer watchdogs were drawn to the outcry.
Ola Electric was recently served with a show-cause notice by the Central Consumer Protection Authority (CCPA), which included possible abuses of consumer rights, deceptive advertising, and unfair business practices. More than 10,000 outstanding after-sales service concerns were highlighted in the notification.
Ola Electric has made plans to grow its network of service centres in response to these problems, with the goal of increasing the number from 400 to 1,000 by the end of the year. Industry experts caution that expanding the number of centres alone might not address the main problem. An analyst said, “Instead of growing, the company should concentrate on enhancing the quality of current service stations.”
On October 21, 2024, PhonePe announced a partnership with Bajaj Allianz General Insurance to provide reasonably priced insurance protection against firecracker-related mishaps during Diwali for a certain time. For a payment of INR 9, which includes goods and services tax (GST), the insurance coverage includes a sum insured of INR 25,000. The coverage will begin on October 25, 2024, and run for 10 days, ending on November 3, 2024. Only the policyholder is covered for hospitalisation, day care, and accidental death under the plan. These policies will no longer be available for purchase after November 3, 2024.
With coverage for up to four family members—the user, their spouse, and up to two children—the plan is available for purchase via the PhonePe app.
Versatility and Accessibility
The insurance plan is offered for sale until the conclusion of the Diwali season and goes into effect on October 25, 2024. Users who purchase insurance after this date will be covered for the remaining days of the 10-day term starting on the date of purchase. Because of this flexibility, users can choose to participate whenever it is most convenient for them without sacrificing vital protection during the festivities.
Launched with the knowledge that consumers are financially covered against accidental death and hospitalisation expenditures, users nationwide may now celebrate the celebration with peace of mind. The CEO of PhonePe Insurance Broking Services, Vishal Gupta, commented on the launch, stating that the company is thrilled to debut PhonePe’s Firecracker Insurance in time for the holiday season. Families may celebrate with peace of mind, free from worries about mishaps or unforeseen financial hardship, thanks to this coverage’s vital protection. The company wants to make insurance accessible and reasonably priced so that everyone may take part in the celebrations in safety.
How to Enrol for the Plan?
The customer must first choose Firecracker Insurance from the homepage under the Insurance section of the PhonePe app.
The user will then be able to read the details of his plan, which include the benefits of his plan, an amount insured of INR 25,000, and a fixed premium of INR 9.
The customer will then be able to see the insurer’s details and obtain a comprehensive summary of the benefits of the plan.
Finally, to finish the procedure, the customer must enter the policyholder’s information and select “Proceed to Pay.”
About PhonPe
The PhonePe Group is one of the major financial technology companies in India. August 2016 saw the release of its flagship product, the PhonePe digital payments app. In a short time, the business has grown quickly to become the top consumer payments app in India. Due to its dominance in digital payments, PhonePe Group has grown into new consumer tech companies like Pincode and Indus Appstore as well as financial services like insurance, lending, and wealth.
One of India’s top fintech companies, BharatPe Group, has teamed up with the Nasscom Foundation to support female entrepreneurs in Maharashtra regions. 1,500 rural women from six districts—Ahmednagar, Beed, Buldhana, Latur, Sindhudurg, and Kolhapur—have been given the means to formalise and expand their enterprises as part of the “Formal Registration and Digital Market Linkage Program for Women Entrepreneurs,” which has made it easier for them to integrate into the formal economy.
Furthermore, 250 of the 1,500 women received market connections, which improved their financial security and business prospects. By improving financial inclusion and facilitating the expansion of their enterprises, this programme has the potential to significantly improve the lives of rural women entrepreneurs.
BharatPe Cares
The project was started under the umbrella of “BharatPe Cares,” a CSR programme run by the BharatPe Group, and aligns with the brand’s mission to improve lives by providing inclusive, creative, and dependable financial solutions. The effort is part of the BharatPe business PAYBACK’s CSR campaign. The programme’s objectives are to help rural women entrepreneurs run their businesses by formalising MSME documentation and connecting them to the online market. The programme selected individual women entrepreneurs from the ecosystem of the Maharashtra State Rural Livelihood Mission (MSRLM).
Providing Training to Women Entrepreneurs
In addition to pertinent formalisation and market-linking solutions, Local Resource Persons (LRPs) received training on a variety of government programs. In addition, the LRPs held training sessions for female entrepreneurs in rural areas and are anticipated to offer ongoing assistance to facilitate the expansion of their enterprises. Through platforms including MSME Global Mart, GEM, UMEED Mart, and ONDC, the participants acquired market access and learnt about FSSAI licenses, Udyam registration, and Shop Act registration.
The CEO of BharatPe, Nalin Negi, spoke on the collaboration, saying, “The company is thrilled to partner with the Nasscom Foundation to advance rural women’s entrepreneurship in Maharashtra.” BharatPe is committed to advancing financial inclusion and opening doors for female entrepreneurs nationwide. The company has collaborated with a women’s entrepreneurship platform in recent years to support Indian women entrepreneurs as they pursue self-sufficiency and business expansion.
Through this programme, the organisation has been able to connect with rural women entrepreneurs and provide them with the necessary tools to formalise their businesses and take them to new markets, thus facilitating their expansion. In BharatPe’s objective to promote inclusive financial empowerment throughout India, this alliance represents a significant milestone.
By collaborating with the Nasscom Foundation, the company will keep making a positive impact on enabling women entrepreneurs—including those in rural areas—to realise their full potential and add to India’s success narrative.
“We are excited to collaborate with BharatPe to empower rural women entrepreneurs in Maharashtra by providing them with the tools and resources they need to succeed in business,” said Rostow Ravanan, Chairperson, Nasscom Foundation. This programme is a fantastic fit with Nasscom’s mission to help rural women achieve economic independence and sustainable livelihoods. In addition to facilitating these women’s entry into formal business, Nasscom has also helped them reach their full potential and become self-sufficient by giving them access to government programmes, digital market connections, and necessary training.
Co-founder and CEO of Zomato, a meal delivery service, Deepinder Goyal, has launched a new business called “Continue” to enter the health and mental fitness sector. However, the company has already cleared that Zomato will work as a separate business entity.
The new company’s registration name is “Unslope Advisors Private Ltd.” The company was founded on April 7, 2024, and has two promoters, Goyal and Ashish Goel, according to Registrar of Companies (RoC) papers that a media source was able to access. They gave the business an initial investment of INR 50 lakh.
Organisational Framework
Goyal is listed as a director in the company’s filings with the Ministry of Corporate Affairs (MCA), and Akriti Mehta and Simrandeep Singh, who are employees of Zomato, serve as additional directors. Singh joined Zomato six years ago, while Mehta has worked with the company for seven years.
Although his precise function has not been made clear, Ashish Goel, a former executive from Zomato and Blinkit, is also a part of Continue. The business has INR 50 lakh in authorised and paid-up capital, according to records. The paid-up capital is the amount that shareholders have paid, whereas the authorised capital is the utmost number of shares that the company can issue.
Giving Priority to Health and Wellness
Continue will emphasise numerous health objectives, including preventive health measures, nutrition, sleep monitoring, and mental wellness. The venture’s focus is in line with Goyal’s personal interest in longevity and prolonging human lifespan.
Goyal clarified in an online statement that Continue acts as his personal wellness and health team, assisting him in maintaining his best performance. He also mentioned that the company is developing new tools and insights and that once they have enough proof, they may decide to make their discoveries public.
Companions in Business and Industry
Goyal has already invested in other businesses, such as Ultrahuman, a firm that makes wearables that analyse fitness variables like heart rate, sleep, and nutrition. Continue is his most recent venture into the health and wellness sector.
Since making his initial investment in Ultrahuman in 2021, Goyal has grown his ownership of the business, now owning more than 8%, according to the most recent data. With initiatives like Fitso, which was eventually acquired by Curefit, Zomato’s CEO has already demonstrated an interest in health and fitness. Other former Zomato executives have also started their own health-related businesses, such as co-founders Pankaj Chaddah (Shyft) and Gaurav Gupta (Gabit), both of which have drawn a lot of interest from investors.
Zero Effect on Zomato’s Revenue
Goyal clarified that Zomato is not a part of Continue and is still concentrating on its primary business segments, which include food delivery, Blinkit, Hyperpure, and District, notwithstanding the debut of the new initiative. According to a Zomato representative, the company is not expanding into new markets and operates completely independently of Continue.
Wednesday, 23 October 2024, Mumbai: WAIS India series is to take place at the Hotel Sahara Star, Mumbai on 24th October 2024. The much-awaited one-day conference will gather 500+ AI enthusiasts and tech leaders from Pan India to seek further insights as to how “GenAI Surfaces to Power AI”.
As India positions itself as a global leader in digital innovation, the 43rd Global Edition of World AI Show, an event by Trescon, will highlight how it helps the enterprises and businesses.
Recent industry analysis indicates that the AI market in India is experiencing remarkable growth, with a projected compound annual growth rate of 25-35 percent by 2027. Currently valued between $7-10 billion, this market is expected to surge to approximately US$ 22 billion, underscoring India’s pivotal role in the global AI revolution. This rapid expansion highlights India’s increasing influence and innovative capabilities in the field of Artificial Intelligence.
In line with this transformative growth, the summit will address the opportunities and challenges within the AI landscape, focusing on three critical areas: AI ethics, the integration of Generative AI, and enhancing customer experiences. Attendees will engage in discussions about responsible AI practices, ensuring transparency and fairness, and how AI can drive seamless interactions that prioritize customer satisfaction.
The World AI Show will also explore the impact of Generative AI on customer service, including its role in automating routine tasks and improving operational efficiency. Discussions will highlight how ethical AI deployment fosters trust and transparency, as well as the importance of ensuring data privacy and compliance with regulations.
Attendees at the event will seek further insights on the recent advancements in Generative AI models and deliberate on critical issues such as driving successful AI transformation, preparing enterprises and businesses for AI integration, navigating the next decade of technological evolution, and shaping the future of AI.
Our esteemed speaker line-up:
Sumnesh Joshi, Deputy Director General, Ministry of Communication, Government of India
Ashwini Tewari, Managing Director, State Bank of India
Tapan Singhel, MD& CEO, Bajaj Allianz General Insurance
Naiyya Saggi, Group Co-Founder & Board Member, Good Glamm Group
Dr Ganesh Natarajan, Chairman, Honeywell Automation & 5F World
Dr Satyam Priyadarshy, Ex Technology Fellow, Halliburton, Founder and CEO ReigniteFuture
Abhivardhan, Founder & Chairperson, Indian Society of Artificial Intelligence & Law
Tejas Shah, Chief Information Officer, L’Oreal
Kapil Chandel, EVP & Head of Data Science, Motilal Oswal Financial Services
Guruprasad Rao, Chief Analytics & Insights Officer, Tata Power
Kiran Komatla, Group Chief Technology Officer, Restaurant Brands Asia
Ankit Goenka, Senior VP, Bajaj Allianz General Insurance
Rakesh Gupta, Head Customer Services & Customer Experience, Panasonic Electric Works India
Vishal Bhatia, Chief Digital Officer, Canara Bank
Sujatha S Iyer, Head of AI Security, ManageEngine
Shvetal Desai, Co-Founder, Nividous
Gaurav Singh, Chief Technology Advisor, Pinkerton
Madhu S Dutta, Head- Marketing Communication & Content, Raymond
Akshay Yadava, Director, Unique Identifiction Authority of India (UIDAI)
Anurag Khare, Head of Digital Marketing, Ion Exchange
Juhi Singh, Head- International Ecommerce & Global Digital Centre of Excellence, Marico
“AI is crucial to India’s economic blueprint, catalyzing innovation and growth across diverse sectors. With this integration, we are laying a strong foundation that pushes India forward as a leader in global technology and economic development. The World AI Show provides a crucial platform that propels this vision forward, showcasing how AI can drive substantial economic benefits and position India at the forefront of global technological innovation.” – Mithun Shetty, Vice Chairman, Trescon.
Sharing his enthusiasm about speaking at the event, Sumnesh Joshi, Deputy Director General of the Ministry of Communication, Government of India said, “I am excited to speak at the World AI Show in Mumbai. This event provides an excellent opportunity to connect with a global audience and share valuable insights. I look forward to discussing how digital transformation is shaping governance and impacting the broader digital economy.”
Moreover, the summit will recognize the Top 100 AI Leaders during the awards ceremony. This much-anticipated segment will recognize and honor the most impactful AI professionals in India, celebrating their outstanding leadership and exceptional contributions across various sectors. Don’t miss this chance to witness and be part of a celebration that acknowledges the individuals setting new benchmarks in AI.
About Trescon
Trescon is a pioneering force in the global business events and services sector, driving the adoption of emerging technologies while promoting sustainability and inclusive leadership. With a deep understanding of the realities and requirements of the growth markets we operate in – we strive to deliver innovative and high-quality business platforms for our clients.
82% of respondents consider Videos, Podcasts, and Audiobooks with Subtitles, Closed Captions, and Transcripts effective for improving English Language Skills. Reading of News Articles and Editorials recommended by 78% of respondents.
COIMBATORE 22nd October 2024: English Language Teachers’ Association of India (ELTAI) – the largest network of teachers of English in India, and edtech venture Glibzter have today released a report based on the insights secured from the EdTech for English Proficiency in India Survey 2024.
This survey is the outcome of a knowledge partnership between ELTAI and Glibzter encapsulating industry research, user testing, and event engagement. The survey report has been released in the run-up to the 18th International and 54th Annual Conference of ELTAI being held at Royal Global University in Guwahati (Assam, India) from 23rd – 26th October 2024.
With the theme of ‘Leveraging immersive mediums for English learning’, the survey aimed to secure insights from English Language Teachers (ELT) across India to assessthe effectiveness of edtech interventions in improving English language skills among their students, particularly focused on learning through immersive modes such as reading, consuming audio-visual media and engaging in conversations.
EdTech Adoption and Integration into India’s ELT Classrooms
65% of respondents stated that edtech solutions complemented their in-class materials and delivery, with 69% agreeing that they have demonstrated the delivery of the requisite learning outcomes when used by students.
However, 54% of respondents believe such edtech solutions have limited effectiveness unless students have a strong learning interest.
75% of respondents belonging to the categories of University / College Professors, and School Teachers attribute improved English language skills of students to English Labs set up on campus. These labs have helped improve listening (75%) and speaking (72%) skills of students, but have fallen short in improving reading (59%) and writing (46%) skills
Beyond mobile apps, virtual meeting platforms, and cloud-based document-sharing solutions, only 40% of ELT practitioners surveyed were aware of browser extensions for English learning.
Appetite for ‘Immersive’ Learning Modes
YouTube videos of English learning channels trump English learning apps as the highest recommended knowledge resource by ELT practitioners
82% believe watching videos with English subtitles/closed captions, and listening to audio podcasts with English transcripts has the potential to improve one’s English proficiency.
Better contextual understanding by linking situations to word and phrase usage (81%), improved pronunciation (69%), and higher engagement (58%) were the top reasons attributed to the effectiveness.
80% of respondents felt that immersion in an English-speaking environment by listening to and engaging in conversations with native English speakers was the most effective way to improve English language skills, followed by listening to Radio, Podcasts, and Audiobooks in English (79%), reading high-quality English textual material in the form of books, newspapers, magazines including their online versions (75%).
78% of respondents recommended reading news articles and editorials to improve communication skills in English, followed by fiction (70%), social media posts (56%), and non-fiction (50%)
AI-powered speech assessment at 44% least preferred immersive mode for Spoken English practice among survey respondents. Peer-to-peer speaking practice (74%) is considered most effective followed by practicing with English teachers in person offline or via virtual meeting platforms.
The survey report also ranks the different modes of EdTech relevant to the domain ELT basis their perceived effectiveness in delivering learning outcomes. In-class edtech interventions for conducting quizzes and file sharing; platforms facilitating virtual 1:1 meetings and flashcards for vocabulary building were the top three modes adopted by ELT practitioners in India.
“The survey has highlighted a key fact that edtech solutions which give ELT practitioners greater control over learning outcomes and which help simulate a classroom setting with personalization are the ones which are easier for them to adopt”, said Dr. K Elango, Chief Executive Chair, ELTAI.
Emphasizing on the importance of reading, he said, “How we communicate is a direct function of what we read. ELTAI launched the India Reads movement last year to encourage tweens in schools and colleges to practice the habit of reading book-based fiction and non-fiction. The survey reveals a trend of ELT practitioners encouraging students to read news articles and editorials, besides underscoring the effectiveness of audio-visual media resources with subtitles to improve English language skills.”
Dr. Xavier Pradheep Singh, National Secretary, ELTAI said, “As we embrace EdTech in our classrooms, we unlock new pathways to reading literacy. By engaging students with digital texts and tools, we create a dynamic learning environment where reading becomes an immersive and enjoyable journey.”
Speaking about the survey insights on immersive modes of language learning, Varun C Bhagath, Founder and Chief Co-learner, Glibzter said, “Language learning has and always will be an immersive process. The challenge is to facilitate this learning digitally by building engaging digital tools that can replicate this immersive process. The survey validates our business through insights such as immersive modes being effective only if there is a systematic process of learning built into them.”
He adds, “With 74% of ELT practitioners agreeing on the effectiveness of consuming audio-visual content in English and 62% on reading high-quality English textual content in building and expanding one’s vocabulary, Glibzter is on the right track in terms of its product strategy. We will look to create awareness about the role of browser extensions for immersive language learning among ELT practitioners, students, and working professionals going forward.”
About ELTAI
The English Language Teachers’ Association of India (ELTAI) is the largest network of teachers of English in India with 60 active chapters having more than 5000 English language teachers and 150 trainers all over India.
The association provides a forum for its members to meet periodically and discuss challenges and new pedagogic processes related to teaching English in India, besides promoting professional excellence and solidarity among its members.
It undertakes innovative projects aimed at improving learners’ proficiency in English through four Special Interest Groups (SIGs) – Literature, Learning Technologies, Teacher Development,, and English for Specific Purposes.
It publishes four journals and an e-newsletter, conducts teacher development programs, workshops, and webinars, and offers consultancy services among others.
To know more, visit: eltai.in
About Glibzter
Glibzter (Incorporated as Glibz Imagetech Private Limited) is a Coimbatore-based edtech venture aspiring to become the ‘Grammarly for Soft Skills’ by building interactive digital tools, assessments, and personalized online and offline events for imparting personality development education.
Currently focused on improving communication skills in English of students and working professionals, it has developed Glibzter Immersive, a browser extension that automatically curates English words and phrases for contextual practice from online English news articles from select media channels, and from videos being streamed on select OTT video platforms with English subtitles/ closed captions, all in real-time.
Glibzter has been supported by the Incubation Centre of IIT Patna, Software Technology Parks of India (STPI), and was among the top five startups in Stanford Seed Spark South Asia Cohort of 2023.
For more information, visit: glibzter.com
About the Survey
The EdTech for English Proficiency India Survey 2024 is the result of a knowledge partnership between the English Language Teachers’ Association of India (ELTAI) and edtech venture Glibzter, commissioned with the following objectives:
Survey Objectives
To assess the effectiveness of EdTech interventions in improving English language skills among Indian students
To assess the effectiveness of ‘Learning by immersion’ i.e. English learning through reading, consuming audio-visual media, and engaging in conversations.
Survey Period
The survey was conducted from 30th September 2024 to 10th October 2024
Methodology
The survey was conducted online by mailing the survey link to the participants.
The individual responses were then collated, and the collective insights shared in this report
Participants
The survey was taken by 375 respondents.
64% of survey participants were University/ College Professors, 13% were School Teachers, 10% were Research Scholars, 8% were Principals, 3% were Verbal Ability Faculty at Coaching Centres and the remaining 2% were Communication Coaches.
You can access the Survey Report here: glibzter.com/research
Anga Mahatara
