At a time when India is witnessing a boom in edtech with startup valuations bursting through the roof, a Noida-based startup has set the cat amongst the pigeons with a SaaS solution that could potentially create millions of online courseware creators, not just for the B2C audience but also for the B2B marketplace.
Spayee, which began operations in 2018 after the co-founders toyed with the idea for over four years, today boasts of more than 1000 paid subscribers. All of them are either educators or in the business of sharing academic knowledge or skill-based learning, and since launch have earned in excess of Rs.200 crore as revenues.
“For us, the revenue figures that represent the earnings of our customers is a bigger one, when compared to the subscribers that we have accumulated since December 2019,” says co-founder Sandeep Singh, who stumbled upon the idea of organising learning modules digitally while he was preparing for Civil Service examinations six years ago.
Sandeep and his friend Anirudha Singh soon realized that there was good business potential in getting educators to go digital with their courseware. Having launched in 2018, they aggregated about 200 clients till December 2019. Thereafter, the company saw steep growth following the lockdown, adding more than 150 customers a month since April.
They even got funded by one of their earliest clients, who was quite enamoured with the way the product was thought through. Besides helping educators create courseware through drag- and-drop methods, the platform embedded multiple layers of security to guard against piracy. Also, content owners directly dealt with their customers while the platform provided the facility of creating, managing and marketing the modules via the platform.
While the pandemic brought in fresh business, Spayee faced challenges related to customer orientation and management, which they managed through a spate of hirings, says Sandeep pointing out that most of the team members worked 16-18 hours a day to ensure that new customers did not face any issues with the platform.
Please check out our YouTube channel of a chat that Sandeep Singh had with CXOToday’s Raj Narayan late last week: