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    Indian Edtech Consortium aims to protect consumer interest: upGrad MD

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    Indian Edtech Consortium aims to protect consumer interest: upGrad MD

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    If one has to pick the biggest startup success story of the pandemic - it would have to be edtech sector. In fact, four out of the six Indian edtech unicorns, achieved their billion dollar valuations just in the last 12 months, a testimony to the kind of boom witnessed by the Indian edtech sector.

    If one has to pick the biggest startup success story of the pandemic - it would have to be edtech sector. From being a medium of choice, remote learning or learning anything anywhere suddenly went mainstream as all stakeholders switched to digital.
    In fact, four out of the six Indian edtech unicorns, achieved their billion dollar valuations just in the last 12 months, a testimony to the kind of boom witnessed by the Indian edtech sector.
    A Praxis-IVCA report pegged the education market at USD 117 billion in 2020 with 360 million learners and expected to grow 2x to USD 225 billion by FY25 a CAGR of 14 percent over FY20-25.
    But as they say with great power comes great responsibility! So while the success has been stupendous, controversies have followed as well - from mis-selling, to overly aggressive sales tactics and misleading advertising, flags have been raised on how this hyper competitive segment has been going about growing its business.
    In a bid to bring in self-regulation, edtech companies have now formed the Indian Edtech Consortium.
    The consortium will work under a common 'code of conduct' and establish a two-tier grievance redressal mechanism.
    This move to self-regulate also follows growing concerns of the government which led to the education ministry issuing an advisory to parents and cautioning them against possible violations.
    So how will this consortium regulate itself, how can these companies work with each other and institutions to improve the learning landscape to build a quality education system that is equal and fair for all? To discuss this CNBC-TV18 spoke to Mayank Kumar, Co-founder & MD of upGrad; Tanushree Nagori, Co-founder of Doubtnut and Akshay Chaturvedi, Founder & CEO of Leverage Edu.
    Watch video for more.
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