Skills Caravan enhances corporate learning through their SaaS-based B2B ed-tech platform
CXOToday has engaged in an exclusive interview with Ms. Sarita Chand , Founder of Skills Caravan
- Please brief us about your company.
Skills Caravan is an Enterprise SaaS-based Learning Experience Platform that enables personalized learning with 100% engagement and onboarding support. Launched in 2022 by ed-tech entrepreneurs, the platform has provided B2B learning and development solutions to listed BFSI, Real Estate, Automobile companies, and Unicorn startups.
Within 3 months since its inception, Skills Caravan has built a strong team of professionals including Ivy League Faculties and Behavioural psychologists who are passionate about learning. In addition, the platform has entered into prominent associations with Shopper stop, Stride Climate by Macquarie, MG Motors, etc.
- What challenges and barriers do you see in the industry and how you are planning to address them with your services?
Indian Learning and Development is dominated by US-based platforms with high-priced packages. In addition, the learning content is not relevant for Indian users – especially for BFSI, behavioral, sales, and leadership training, so the adoption rate is very less at 20% to 25%. With better technology for user engagement and Indian content, Skills Caravan enhances corporate learning engagement to 70% to 75% by focussing only on B2B learning
Skills Caravan works as a one-stop solution and go-to platform for HRs and employees, bringing all types of learning sources – internal, external, online, offline, certified, continuing education, and credentialing from top universities on a single platform. The personalization engines of the platform make learning a “Daily toothbrush” habit for Corporate learners. It focuses on byte size learning and its daily micro-learning recommendations (like the Instagram and TikTok reels) have higher adoption rates.
- Could you help us to understand the difference between pull-based and push-based learning approaches
In push-based learning, the L& D makes learning mandatory through assignments and links it with KPIs, performance bonuses, or appraisals. Thus, it is less engaging and works only with regulatory compliance training.
Pull-based learning is more user-driven, where an employee can map his skills, and learning preference to his corporate goals and personalize his learning using multiple formats via videos, books, quizzes, etc.
- In your opinion, why upskilling and reskilling employees is necessary?
Lifelong learning has become one of the fundamental themes in a digital society. For decades, earning degrees or adult education has allowed professionals to secure an increase in salaries and employment. However, given the fact that skills tend to have a half-life of about five years, learning does not end with an undergraduate or graduate degree.
Lifelong learning through micro skill level transformation of professionals results in better employee performance, higher retention rates, and increased productivity. Our Learning Experience platform with Content library (curated from the Best of the Best Content providers) for B2B makes learning personalized and engaging by using AI and Tech for micro-skill level transformation of professionals. Skills Caravan is challenging the status quo in Workplace Training in India. We believe in learning differently. We make Learning cost-effective and personalized using AI to create micro-learning paths and journeys. We provide Dynamic skill assessments and gamification that make learning enjoyable and align with the company’s Business Goals.
- Which sector has the most demand for your SaaS-based products?
We have seen the highest demand from the BFSI (Banking, Financial Services, and Insurance) and Tech industry since the requirement for upskilling and reskilling is very high. In the BFSI, we have seen India as the torch bearer for digital transformation globally, our tech adoption rates are 87% much higher compared to the global average of 64%. The Indian Stack Aadhar (e-authorization, e-kyc, QR code, UIDAi, e-aadhar (Digi lockers, e-sign), UPI, OCEN – India’s Open Credit Enablement Network, Data – Data Empowerment and Protection Architecture (DEPA), The Account aggregator framework are triggers behind the digital transformation.
- What are your expansion and growth plans?
In a span of three months, Skills Caravan has catered medium size companies operating in the Indian market. Presently, the platform is emphasizing its hiring sales and marketing to launch the product with large-scale enterprises and US-based small and medium companies. The platform plans to expand its clientele with 200 paid companies and 1,00,000 learners by the end of next year.
- How has the year 2022 been for the HR tech sector? What trends do you expect in 2023?
The diverse workforce, increased focus on employee experience, integration of Gen Z and work from home have increased the Tech investments from US$15 billion invested over 330 deals in 2021 to US$2 billion in funding in January alone. We have seen significant growth in using analytics and AI for enhancing employee engagement, Learning & Development, and improving productivity in corporate.
In 2023, globally the investment may slightly dip in the global markets, however, India and the Middle East will significantly grow due to the lesser maturity of the HR Tech ecosystem. Further Indian Enterprise SaaS industry has grown to $12–$13 billion in 2022, with investments of over $5 billion over the past five years. India has become a global leader behind only the US in scale and maturity in the SaaS market
- Please brief me about a little bit of your journey.
Before starting Skills Caravan, I Co-founded Edu-Pristine – an Edtech startup (raised USD 10mn in funding and sold to US-based listed company Adtalem global education) and an NGO (Indic AI – incubated in IIM Bangalore) for specially-abled people. Apart from this, I have also worked as an investment banker at Goldman Sachs.
I am an MBA from Northwestern University Kellogg’s School of Management, SIBM, Pune, and BFIA from SSCBS, and have been awarded the Best Alumnus Entrepreneur of the Year (2020) Award by Symbiosis (SIBM, Pune), in June 2020.
With more than 15 years of experience, I have started Skills Caravan to make learning a personalized and engaging experience for companies while enabling the micro-skill level transformation of professionals.
