How Gurgaon based Edutech startup is growing 100% YoY
07th, July 2019 - Tech Startup
Who are the creators of iAugmentor? Please share the complete background of the co-founders.
All the founders knew each through a common friend, and we had been discussing various ideas whenever we would meet on drinks until the Eureka moment of founding iAugmentor came in February 2016.
Each founder brings to the table expertise and experience, which makes the journey worthwhile.
Pratik Marwah who is the youngest and a Business face has been into Institutional Sales and started his career from a start-up in 2010 selling subscription to Colleges & Universities across India in various roles he had undertaken in his corporate life. He is responsible for Business Development, Marketing & Finance for the company.
Sameer Sikka is a veteran in the corporate training industry brings on board an experience of almost 20 years working with the foremost brands in India and abroad. iAugmentor’s learning and content is his baby with a vision to put all his years of experience in the platform.
Arindam Sen is the technology brain of the company who has built the product from scratch with a vision to make it scalable and sustainable for the clients. He is a serial entrepreneur and came on board with the idea of iAugmentor after exiting from his previous venture.
Please explain the concept of iAugmentor.
iAugmentor is a revolutionary technology platform, marking a departure from traditional learning methodologies, which aims to augment the skills of an individual through continuously assessing the learner's progress and suggesting a learning road map accordingly. The company designed a first-of-its-kind learning platform giving access to a personalized mentor to every individual who desires to learn to augment (increase/enhance) his/her skill sets to achieve his potential.
Vision: Breaking the walls of the classroom, as we know them today, and bring to learners an overarching ecosystem of...
• Technology enabled and mobility driven
• Sector-specific learning experiences,
that intuitively address their individual needs, through subliminal interaction with their context and situation.
How iAugmentor is creating and delivering the value to the end users?
Anyone looking to upgrade his or her skills on communication has an option to do physical training in person by trainers or through an E-learning platform which is readily available in the market. iAugmentor is the next generation technology which acts as a personalized mentor and is very different from any E-learning product.
Its an Artificial intelligence driven, gamified, and assessment based learning App which directs users to learn content based only on their weak areas in any course structure.
Each learner has an option to avail learning through Videos, reading articles, games, ppts, etc.
ReA-(Response Analyser) which is another technical feature which helps users practice workplace situations by recording there video or audio and get benchmark their performance against an expert response.
Edu-Tech is crowded space with many players trying to establish them self unique service provider. How iAugmentor is strategizing their space
iAugmentor is the only Indian start-up that has designed a learning platform giving access to a personalized mentor to every individual who desires to learn to augment (increase/enhance) his/her skill sets to achieve his potential. The assessment based learning tool is a personalized and adaptive medium that intuitively suggests a roadmap to an individual as per the learning tendencies, learning competencies and learning proclivities, constantly tracking progress as well. One of its kind brands is headquartered in Gurugram, India that extends its services in the market of Egypt, Kuwait, Kenya, Malaysia & Singapore.
What are the initial challenges and issues you faced, and how did you overcome out of it?
One of the major challenges we have always faced and still trying to improve upon is reducing the sales cycle to close any client. Long gestation period and payment structures have been an issue to keep the cash flows going.
We had to raise investment to survive and push really hard with clients to make up for pending payments.
There have been times when founders have not taken salaries and lived on Credit cards for almost 6-8 months because we had invested everything we had in the company to keep it afloat.
iAugmentor raised initial Rs 1 crore in funding recently. Can you please share how did this fund help in expanding the business.
When iAugmentor raised funds, our primary aim was to make a world class product which would be a clear differentiator from our competitors.
We invested all the money in technology & content function while the founders were the Sales people until late 2018.
After signing the top 2 clients in the industry, we learned and grew. Once we got repeat orders with more business was the time we realized that we are here to stay.
Now with more and more clients coming on board, is when we are looking to expand our Sales team and raise more funds to fuel the business growth.
iAugmentor's future plans and how they are going to meet the target.
iAugmentor has been growing at the rate of 100% year on year whereas with new tech features and product lines we are already sitting with Purchase orders worth 1 million USD in the current year which should take us to 400% growth rate by the end of this financial year. Ericsson, Nokia, Hanu Software, and Tata Power have been our marquee clients till date with more signing up as we move forward.
iAugmentor is currently a B2B company providing its services in SaaS and PaaS (platform as s service) model where their clients can also use the platform to create their own courses, games and upload content specific to their requirements. The company plans to move to total Gamification backed by its Artificial intelligence based learning by the next quarter and also raising funds to venture into AR/VR. The company also aims to introduce a B2C model by FY 2020.
In the past, iAugmentor has already raised INR 2 CR or USD 250,000 in Angel investment from RAIN(Rajasthan Angel India Network) and international investors from Dubai. The company recently launched its services with a mobile operator ZAIN in the Middle East as sole education providers in VAS model for its 22 million-plus subscribers in April 2019.
How do you see the future for iAugmentor in the Indian Edutech market?
We believe our future is bright when our clients, as well as prospects, praise the product and offerings. With more players coming into the market and corporates adopting the model of Technology enabled learning, iAugmentor is destined to be one of the most significant Edu-tech players in the industry.
Please share a quote which you would like to share it with the future entrepreneurs.
"Never back down from failures."
As a founder, we had faced many failures like team members/co-founders leaving when we were not able to pay on time.
Changing the Business model after understanding the business isn't going right.
If your starting up - the journey is rocky during the start but will make you learn a lot in life
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