Startup Stories
How AI Solutions By TestnTrack Are All Set To Change How Students Take Exams
The AI-powered TestnTrack platform not only checks the answer sheets of students but also provides automated real-time audio feedback
The platform also enables teachers to provide gap analysis reports to students, pinpointing areas where they may be lagging or need a brush-up
TestnTrack has captured the attention of investors at a very opportune time, especially when the test preparation segment is predicted to become a $9 Bn market opportunity by 2030
A few years ago, one of the biggest pet peeves of Vinay Kamal Sharma, the erstwhile zonal head of a Mumbai-based coaching institute JK Classes, was the way students got evaluated on the examinations they took. According to him, just scoring students on what they wrote in their exams or tests did not add any value in terms of enhancing their learning. However, as a teacher, he was also aware of the fact that giving constructive feedback on every answer, written by hundreds of students, was not humanly possible, no matter how brilliant or efficient a person (teacher) is.
With two major pain points at hand — a) providing students with a valuable, insight-oriented analysis of their answer sheets; b) streamlining the marking process to reduce the burden on teachers — Sharma started working on a solution.
To address these challenges, he envisioned a tech platform that could transform the examination landscape for both students and teachers.
Staying true to his vision, Sharma launched TestnTrack in 2020, a SaaS platform that provides comprehensive end-to-end solutions to coaching centres and teachers. The platform streamlines the entire examination and evaluation process — from curating question papers to generating suggested answers.
While embarking on his entrepreneurial journey, Sharma joined hands with Priya Soni, who was then the cofounder of Examkul, an online examination platform. Interestingly, Soni and Sharma already shared a student-teacher relationship, when the former was aspiring to crack the CS (company secretary) exam.
Onboarding Soni helped Sharma understand the perspective of students, allowing him to create a solution that caters to all key stakeholders — students, parents and teachers — to achieve the common goal of academic excellence.
“We strive to make examinations stress-free for all stakeholders while fostering academic growth and success,” said Sharma.
The AI-powered TestnTrack platform not only checks the answer sheets of students but also provides automated real-time audio feedback. Additionally, the platform generates a report for students based on their performance, highlighting key areas of improvement.
The platform also enables teachers to provide gap analysis reports to students, pinpointing areas where they may be lagging or need a brush-up. Furthermore, the platform offers parents data-driven insights into the academic progress made by students over time.
To further push the startup’s vision, TestnTrack received INR 15 Lakh from the Rajasthan government’s iStart programme. It has helped the startup onboard 8K students from 112 institutions across three states and six cities.
TestnTrack’s Growth Story
Sharma’s entrepreneurial journey has not been a bed of roses, as he did not have the technical prowess to pursue his mission full throttle. This proved to be a major hurdle for the startup, which could only start its online operations in January this year, despite being founded three years ago.
“Due to a lack of technical skills, we outsourced the work of building the platform to a company, which turned out to be a fraud. It was then we decided to develop the tech in-house,” Sharma said.
During this time, the most impacted sector was offline education, even as many edtech startups rose to fame during the pandemic to compensate for offline learning.
However, as luck would have it, TestnTrack’s tech solutions were a work in progress when it was raining the proverbial riches (funding) for many new-age tech startups. But, once the Covid waned, the founders, determined to make up for the lost time, started pitching their solution to coaching centres and ended up onboarding 63 of them as their clients.
The startup has also grown in revenue, it clocked INR 5.4 Lakh in FY22 and aims to generate INR 1.8 Cr in FY24, its ARR is INR 46 Lakh.
What’s The Monetisation Plan?
Unlike many startups that deploy social media and brand marketing teams to create brand awareness, TestnTrack has largely relied on reaching out to its potential clients in person.
Additionally, TestnTrack leverages a community of book publishers in Jaipur, which endorses its product, helping the startup get access to a wider audience.
“Under our B2C arm, DOT100, which is featured on our website, we hold an exam hunt programme annually to showcase our platform’s capabilities. We conduct engaging activities to enhance awareness among our target audience,” Sharma said.
Not just this, DOT100, which is a revenue-generating model, offers students and parents free access to basic features like assessing answer sheets under a freemium model. For more advanced features, the tech platform requests users to pay a fee of INR 9 per sheet. The platform also generates ad revenues from DOT100 by displaying the ads of other coaching centres and teachers.
Meanwhile, it offers annual subscription-based services to coaching centres to access its features and tools, such as customisable assessments, tracking and analytics, reports and other educational management functionalities.
What’s At The Core Of TestnTrack
TestnTrack onboards coaching classes and individual teachers with a unique institute code generated by the platform. Following this, separate batches are created to register students. Institutes can access custom test papers for specific subjects or chapters with a single click.
The startup also assigns two relationship managers to every coaching class for round-the-clock assistance via WhatsApp. These managers promptly resolve queries related to papers or results within five minutes, thereby enhancing user experience.
TestnTrack’s AI-enabled exam paper creator customises a personalised exam paper with an answer key to the questions. Teachers can conduct exams at will and provide personalised feedback. The automated audio feedback gives timely insights into students’ performance.
This helps in identifying knowledge gaps of students in specific subjects, allowing teachers to work on students’ weaknesses by creating micro-study plans. Students can also leverage the audio feedback system for self-learning.
TestnTrack handles subjective and objective exams. For subjective exams, digital copies of the answer sheets are available on Testntrack’s Market place made for evaluators. Around 1,180 evaluators are associated with the startup for assessment.
“Students’ progress reports and answer sheets are shared in a PDF format to their parents’ WhatsApp numbers,” Sharma said.
The startup implements client feedback to upgrade its tech. “Our one-on-one interactions with clients enable us to deeply understand their upcoming challenges and obstacles, allowing us to provide effective and tailored solutions,” Sharma said.
The approach of giving personal attention has helped the startup achieve a 96% client retention rate and a 70% conversion rate in the past six months of operation.
Sharma said that through its diverse revenue channels, the startup has demonstrated its ability to adapt to market demands and generate sustainable income while catering to B2B and B2C segments.
How TestnTrack Is Empowering Tier II and III Cities
According to Sharma, today, Tier II and III cities require edtech solutions more than Tier I regions of the country. Students and teachers in these areas (Tier II, III and beyond) have immense potential but lack the necessary tech to harness it.
He added that with the increasing interest of Tier 1 edtech SaaS startups in Tier II and III educational institutions, it is getting challenging for the local players to establish themselves in the market and compete with them.
“Fortunately, we have the support of the Rajasthan government, and the state’s iStart initiative helps us stay ahead of the competition curve,” Sharma said.
He added that ever since the startup registered itself under the iStart initiative, the startup has grown by leaps and bounds. For instance, the startup emerged as one of the top six startups selected in the Global Startup Challenge that was held in Jaipur in December 2022. The founders showcased their project to international investors like TiE SoCal through this opportunity.
Not just this, TestnTrack was selected as one of the top five startups in the Rajasthan Startup Challenge in January 2023, which helped it create its brand visibility in the edtech ecosystem.
“Since we are a registered startup with the government’s accelerator iStart, we received INR 15 Lakh from the state government, enabling us to grow our business,” Sharma said. Additionally, the startup also receives time-to-time guidance and mentorship from industry experts.
“These initiatives have helped us increase our user base 7X from 1100 students to 8,000-plus students in 6 months. This indicated the adoption of our tech by coaching centres,” said Sharma.
The Road Ahead
In the next 12 months, the startup aims to expand to 25 cities across six states. It is also looking to grow its user base 8X by penetrating deeper into the Indian edtech market. To achieve this, the founders will raise funding from a prominent angel network in India.
Further, TestnTrack plans to utilise the funding to improve its tech stack. To expand its B2B play by onboarding schools, the startup is looking at upgrading its audio chatbot Nivaa and the audio feedback API.
Sharma believes that the demand for personalised learning in edtech has escalated over the past years, and there has been a noticeable shift from offline to online and now hybrid learning and teaching methods, even in Tier II and III cities.
According to Sharma, AI-powered SaaS solutions in the edtech space are steadily redefining the sector, especially in Tier II and III cities.
Notably, Edtech SaaS solutions are today addressing the diverse learning needs of students and providing them equal access to high-quality education, with an increasing number of educational institutions using audio chatbots to remove all kinds of learning barriers.
TestnTrack has captured the attention of investors at a very opportune time, especially when it is catering to students across age groups and segments, with the K-12 category alone is anticipated to reach a market size of $15 Bn by 2030 and the test preparation segment is predicted to become a $9 Bn market opportunity by then, according to Inc42’s Q1 2023 Edtech Report.
Startup Stories
Byju’s partially pays March salaries, pending February payouts.
Byju’s, a prominent player in the edtech industry, has encountered financial challenges resulting in delayed salary payments for its employees. As of April 20, the company has only disbursed a portion of March salaries, attributing the delay to a severe cash crunch. Despite earlier assurances from the company’s management that salaries for March would be paid by April 18, many mid-senior employees have reported receiving only 50% of their March salaries. Additionally, February salaries remain unpaid for a significant number of employees, further exacerbating the situation.
Founder and CEO, Byju Raveendran, has resorted to raising personal debt against his stakes in the company to facilitate salary payments. This underscores the severity of the financial challenges facing Byju’s and highlights the lengths to which Raveendran is willing to go to address the issue.
Employee testimonies reveal the extent of the salary delays, with one employee stating that they received only 50% of their March salary on April 20, with 80% of their February salary still pending. Another concerning aspect is the reported disparity between junior and senior employees, with junior staff receiving full salary payments while top management has gone without salaries for the past two months.
Byju’s has acknowledged the delay in salary payments but has not provided a detailed explanation for the situation. A company spokesperson declined to comment on queries from ET regarding the matter. In an email sent to employees on April 8, the management team expressed regret over the delay and attributed it to the inability to secure approval to access funds from a rights issue. The delay has been further compounded by actions from foreign investors, hindering the company’s access to necessary funds.
This revelation follows a previous report by ET on April 1, which highlighted Byju’s decision to delay salary payments due to constraints imposed by warring investors, limiting the company’s access to funds through a rights issue. The ongoing dispute with investors, including Dutch investor Prosus, has added to Byju’s financial woes and has led to further delays in resolving the issue.
In a separate development, Byju’s India chief executive, Arjun Mohan, announced his departure from the company in mid-April, just six months after assuming the role. This unexpected move prompted founder Byju Raveendran to take on the responsibility of overseeing day-to-day operations of the company’s India business, housed under Think & Learn, marking a significant shift in leadership.
Amidst these challenges, Byju’s is embroiled in a legal battle with a group of investors led by Prosus, who are seeking to block a rights issue and the removal of Byju Raveendran as CEO. The company has also initiated arbitration proceedings to address the dispute and find a resolution.
The rights issue undertaken by Byju’s is significant, as it is being offered at a staggering 99% discount to the company’s peak valuation of $22 billion. This steep discount has implications for investors who choose not to participate in the funding, potentially resulting in a significant dilution of their shareholding post-completion of the rights issue.
The unfolding events at Byju’s underscore the challenges facing the edtech giant as it navigates financial constraints, leadership transitions, and legal disputes. The company’s ability to address these issues effectively will determine its future trajectory and its ability to maintain its position in the competitive edtech landscape.
Startup Stories
Revolut India receives provisional approval for PPI license from RBI
Revolut India, a neobank backed by Tiger Global and Softbank, has secured an in-principle approval from the Reserve Bank of India (RBI) for issuing Prepaid Payment Instruments (PPI), encompassing prepaid cards and wallets. CEO Paroma Chatterjee shared this development in a LinkedIn post on Friday. This approval complements Revolut India’s existing licenses from the RBI, which allow it to function as a Category-II Authorised Money Exchange Dealer (AD II), enabling the issuance of multi-currency forex cards and cross-border remittance services.
Chatterjee emphasized the significance of this milestone, highlighting the opportunity it presents to provide Indian consumers with both international and domestic payment solutions on a unified platform. Revolut, Europe’s largest neobank, entered the Indian market in 2021 with aspirations to disrupt the domestic payments sector. The RBI’s approval is expected to bolster Revolut’s position as a key player in this domain.
Prepaid Payment Instruments (PPIs) are payment tools that utilize stored monetary value, including digital wallets, smart cards, or vouchers, for transactions. RBI Governor Shaktikanta Das proposed on April 5, 2024, to allow PPIs to be linked through third-party UPI applications, enabling PPI holders to conduct UPI payments akin to bank account holders.
Chatterjee underscored Revolut’s commitment to full compliance with regulatory requirements, particularly in India, where the neobank has undertaken significant efforts to localize its global tech-stack to adhere to local regulations.
In an interview with ET BFSI, Chatterjee disclosed Revolut’s plans to introduce a comprehensive suite of digital-first money management services for all Indian customers. These services will enable users to manage their finances, including payments and remittances, both domestically and internationally.
The app, currently in use by employees, will be officially launched once the internal testing phase is completed, according to Chatterjee. She also revealed that there are over 175,000 prospective customers on Revolut India’s waitlist, indicating strong interest in the product.
Startup Stories
Postman buys Orbit to extend developer community reach.
Postman, renowned as an API management platform tailored for enterprises, has recently made headlines with its acquisition of Orbit, a pivotal tool in the arsenal of developer companies for nurturing communities across a spectrum of platforms, including Discord, Slack, and GitHub. Although the specifics of the financial transaction remain undisclosed, Postman took to its blog to underline Orbit’s indispensable role in supporting major developer companies in fostering community management and fostering growth over the course of the past four years.
Within the ecosystem of Postman, the integration of Orbit is poised to be transformative, with the Orbit team set to assume a pivotal role in seamlessly embedding community-centric features into the fabric of the Postman Public API Network. This strategic move is aimed at catalyzing dynamic collaboration between content creators and end-users within the network. Postman, boasting a staggering valuation of $5.6 billion, stands as a stalwart in the realm of API collaboration platforms, serving a user base exceeding 30 million developers and 500,000 organizations.
Under the stewardship of Noah Schwartz, a recent addition to the Postman team hailing from Amazon Web Services, the Orbit team is primed to spearhead initiatives aimed at empowering API distributors to broaden the horizons of their communities, optimize API utilization, and solicit direct feedback from users entrenched within the network.
This integration is anticipated to embolden developers to unearth APIs tailored to their unique requirements and foster meaningful engagements with peers to extract maximum value from each API. However, as part of the transitionary phase, Orbit has outlined plans to gradually phase out its existing product and platform over the span of the next 90 days. Commencing July 11, all functionalities will be deactivated, with no provision for the creation of new users or workspaces.
Postman’s strategic maneuver comes on the heels of its triumphant fundraising endeavor in 2021, securing a whopping $225 million in funding. The fundraising round, spearheaded by Insight Partners, witnessed active participation from prominent entities such as Coatue, Bond Capital (helmed by Mary Meeker), and Battery Ventures.
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