Hero Group has launched a new edtech startup, Hero Vired, aimed at tapping students who have completed schooling. “India faces a unique employability paradox where there’s a shortage of highly skilled professionals, and yet graduates find it difficult to secure suitable jobs due to lack of skill sets that are imperative for the industry,” said Akshay Munjal, founder, and chief executive officer of Hero Vired, part of the $5 billion Hero Group.
Its learning experience platform offers interactive support, peer-to-peer communication, and engagement-driven online instructor-led classes, Hero Vired said in a statement. It has partnered with the Massachusetts Institute of Technology, Cambridge, and New York-based Codecademy, an e-learning coding website. It is expected to offer a mix of programmes for professionals and higher education aspirants, the statement said.
The promoters of Hero Group forayed into education in 1964. The company set up the BML Munjal University in 2014. Although the Covid-19 pandemic adversely impacted the traditional education sector, it fuelled the growth of and funding for the edtech industry. In the last 12 months, India’s edtech industry has seen strong financial and strategic investor activity. Investments (by value) in 2020 grew by 460% from 2019, the highest in terms of value to date, according to the report. The year was also characterized by the highest ever volume of consolidation and M&A activity. “Backed by strong funding, large incumbent platforms chose the M&A route to accelerate their growth and expand into ancillary offerings,” the report stated.