This Edu-Tech Startup helps you to crack CAT and IBPS exams
04th, January 2019 - Tech Startup
MBA aspirants who are taking CAT (Common Aptitude Test) to join IIMs were 2.41 lakhs. The number is going to increase due to the announcement of new IIMs and other MBA colleges in India. Similarly, in the IBPS entrance exam, this year more than 30 lakhs people applied which has created a huge market for Startups in Edu Tech domain.
Hyderabad based Edu Tech Startup ‘CrackU’ started with a motto to democratize education. CrackU is an online test preparation platform which helps students to prepare for post-graduation and banking entrance exams. CrackU started in 2014 with the intention to help CAT aspirants later expanded their wing to IBPS and other Government entrance exams.
CrackU is a brainchild of three co-founders who had dreamt of starting their Entrepreneurial journey from the beginning. Mr. Maruti Konduri, Mrs. Sayali Kale and Mr. Srikanth Lingamneni who were close friends went to IITs and then completed their PGDM course from IIMs know how difficult it is to get admission in IIMs.
After completing their education, all the three co-founders started working in different companies and happy with the handsome paycheques. But the entrepreneurship bug in them made them rethink about their decision.
Maruti who was working in Hong Kong made up his mind and returned to India to start his new journey as an entrepreneur. He joined his other two friends and convinced them to join him and stared CrackU.
How CrackU work and deliver the value?
With the high penetration of Smartphones and Interned across India, and most of the entrance exams are online nowadays they believe every student from all across the country should be able to access high-quality study material at affordable prices.
“Every student has his/her strengths and weaknesses. We believe that using the technology we can assess and suggest specific study materials which will help students improve their understanding of the subject significantly.
As the model is online and efficient, the overhead costs are lesser, and hence the study material is quite affordable as compared to offline modes of teaching which is inefficient.”
Initially vetted on CAT preparation model, they captured the opportunity in the banking entrance exam.
They say “Banking exams are getting more difficult in recent years. As we progressed from MBA exams to Banking, our mocks used to be tougher than most other players in the market. This development helped us to build a good brand amongst the banking aspirants. Additional we give IBPS Previous Papers and SBI Previous Papers for free with solutions, and this helped in building a lot of goodwill.”
When we asked them about why only CAT and not engineering entrance exams they say “Once we finalized on online education, we debated the right age group to enter. We were tempted to enter IIT JEE, but we felt that our marketing would be more difficult as the parent of the student takes the purchase decision. So we targeted MBA and banking exams as the students take the purchase decisions themselves. As the students hang out together, our marketing can be more efficient and targeted.”
They are clear about their mission, and they do not want to venture into other exams domain as the present market is very much favorable to them.
The initial challenges they face explained by Mr. Maruti “One of the most difficult steps was to get started and building the core team of founders. Being a first generation entrepreneur from a middle-class background, I used to convince myself that the time was not right to start up and postponed the decision multiple times. At the time of starting up, we conscientiously made a decision that we are choosing entrepreneurship as a career. So, we were willing to give 3-4 years to learn the ropes. I think that attitude helped us tide over the teething difficulties that startups face.”
Three duos are very optimistic about the future market for their business as India is a young country with a huge population who have a high expectation and zeal to achieve new highs in their life look for MBA as career Turing point.
CrackU in 2025.
The number of youngsters in India is set to increase in the coming years. With the use of technology, we can make education more targeted towards individual students. No two students are the same, and we can use technology to understand the strengths and weaknesses of students. This will help us in improving the education level of students efficiently and make it affordable.
Advice for a person who wants to start his venture
Look at entrepreneurship as a long-term career and be willing to sacrifice and learn. There is a lot of satisfaction in running a Startup as you are creating value for your customers and employees. At the same time remember that defeats are regular and victories are sparing in entrepreneurship. So, you should be prepared to deal with them.
Quote on Entrepreneurship
Entrepreneurship is about creating value: value to your customers, employees, and investors.
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