IIM Sambalpur announces new MBA batch that facilitates comprehensive tech-enhanced learning

Higher Education

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July 12, 2023

The 9th MBA class of IIM Sambalpur was officially inaugurated, making it the institution’s largest batch to date. The batch size was increased by the institute from 300 to 320 this year.

The new batch saw a rapid increase in female participation, with 60% of female students (197 seats) registering their seats in the programme out of 329 students, with inclusion being one of the major values of IIM Sambalpur. 40% (132 seats) of the remaining seats were taken by male students. The Institute strives to give students top-notch learning opportunities in all areas of management education so they can adjust to the quickly changing and dynamic business world. The latest batch enables thorough technologically enhanced learning.

Distinguished dignitaries, including Dr. Tapan Kumar Chand, President of Vedanta Ltd., and Swati Agarwal, Partner at Deloitte, graced the inaugural ceremony and gave motivational speeches to all the students in attendance. They shared their experience and wisdom with the new class in a very open and knowledgeable manner, guiding them through what their academic paths will involve. Prof. Shivani Sharma gave a vote of gratitude to all the dignitaries in attendance.

Prof. Mahadeo Jaiswal, Director, IIM Sambalpur expressed his views while welcoming the largest batch in the institute’s history with such great gender diversity. He said, “At IIM Sambalpur, we focus on three core values that are innovation, integrity and inclusiveness which are based on the teachings of the Hindu deities – Brahma, Vishnu and Mahesh. The three lines in IIM Sambalpur’s logo depict those three Is in the form of famous Sambalpuri handloom design. These are the three core values if focused can help Indian B-schools to rank globally. Going forward I believe that these values will be the differentiating factor in the learning journey of the incoming batch. I hope this transformative educational experience for the students will bring about a bigger societal impact in future.”

Swati Agrawal, Partner, Deloitte discussed the management concept of IPL, which she defined as Impact, Purpose, and Leadership. Impact represents the contribution you give to society; purpose represents your inner motivation; and leadership, which is about having a clear vision, showing empathy for others, and motivating others. Failures and friendships are two Fs that are equally significant. Secondarily, students will need to learn how to maintain friendships after failing. Create as many relationships as you can. They will serve as your sources of support in the future.

Dr. Tapan Kumar Chand, President, Vedanta Ltd. discussed the value of moral leadership. He talked to students about his work experiences and the value of moral leadership in a variety of settings. He emphasised the importance of making focused efforts in order to achieve outstanding achievements.

As IIM Sambalpur commences with its new academic year, its mission remains undefeated and focused on nurturing socially responsible leaders who can drive as well as encourage positive change in society.

Balancing the benefits and risks of technology in higher education: Dr. Sendilkumar. B, Vinayaka Missions Research Foundation (Deemed to be University)

Interviews

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digitalLEARNING Network

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July 12, 2023

The digitalisation of Higher education has brought a lot of changes in the way we teach and learn. The benefits of course out do the risks involved. Shared Dr. Sendilkumar. B, Dean, and Director-Health Sciences, Vinayaka Missions Research Foundation (Deemed to be University), Salem, Tamil Nadu in an exclusive conversation with Sheeba Chauhan of Elets News Network. Edited excerpts:

Your Institution is committed to offering education in the most professional manner and one that ensures enormous growth potential to the students. Please let us know how School of Allied Health Sciences, Vinayaka Mission’s Research Foundation (VMRF) is standing out from the rest.

The major strengths of the School of Allied Health Sciences are its strong institutional base & reputation both nationally &internationally, high-class pre-clinical and clinical Laboratories, Research & Development on a priority basis, exposure to high profile professionals and peers, special expertise, and us of high-end technology. The skill-based curriculum, training, and competencies achieved by graduates in their respective fields through our institution have helped students reach an esteemed rank in their chosen fields. Apart from getting a degree on completion, additional certification through Online free courses through Coursera, Edx, and SWAYAM and value-added courses offer them better placement opportunities. Career guidance and placements, and skill enhancement courses are also being offered to students to help them keep in pace with International standards.

Can you elaborate on the MoUs signed with renowned organisations and how it benefits the students?

We have around 30 National and International MoUs that have helped our students to gain wider exposure both in terms of academics and soft skills. They are prepared to be industry ready through our collaborations.

Apart from postings and internships that yield their hands-on experience, we utilise the industry people for additional Certified industry-specific and industry-designed courses that train the students for specific Industry needs. For example, optometry students are offered Industry specific courses by organisations like Bausch and Lomb, which is a leading international Contact Lens company, another example is Siemens Healthineers which offers industry specific courses for Radiography and Anesthesia Technology students. These courses help in increasing the value of their resume.

The World Education Summit has been igniting transformation in the education industry since its initial edition. What are your thoughts on being a part of the 26th edition of this global platform on 4-5 July in New Delhi?

I have been associated with Elets for the past 6 years. Their contribution to society as a knowledge-sharing platform over the last two decades has been tremendous. The conferences organised by Elets have always helped us build our networks and I always look forward to participating in all their events.

NEP Aligning India’s Education Requirements: Dr. Shashank Shah, NITI Aayog

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digitalLEARNING Network

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July 11, 2023

“The National Education Policy 2020 can be linked to the transformative moment of the 1991 new industrial policy that revolutionized India’s landscape of liberalisation, privatisation, and globalisation. Just as the new industrial policy unleashed Indian industry to become globally competitive, the NEP 2020 has the potential to unlock the nation’s vision and make it aspire to reach new heights”, shared Dr. Shashank Shah, Director (Senior Specialist – Higher Education), NITI Aayog at 24th Elets World Education Summit in Hyderabad.

“I would like to highlight a few points that emphasise the macro role of higher educational institutions and higher education itself, and how the NEP enables us to fulfill that role. Higher education, as a system, plays a crucial role in the task of nation-building. While we have discussed several micro issues, I want to draw your attention to a few macro issues and opportunities”, said Shah.

“To begin, I would like to quote from a UNESCO report, which stated that in the next 30 years, more students will pass through the doors of higher education than ever before in recorded history. India, in particular, will contribute the highest number of students, with 20 universities enrolling 1.75 lakh students and counting”, added Dr. Shashank.

“In 1950, we had only 7 universities in India. Today, we have 1,043 universities catering to nearly four crore students, with a Gross Enrollment Ratio (GER) of 27 percent at the national level. Now, we aim to double this ratio and reach 50 percent, which means accommodating eight crore students in the higher education system. Effectively, in the next 25 years, an estimated 100 crore students from India will pass through higher education in some form or another. The question is, are we prepared for this influx?

The World Economic Forum has identified complex problem solving, collaboration, communication, critical thinking, creativity, negotiation, decision-making, and ethical orientation as core skills required for success in the 21st century. As India aims to become the third largest economy and works towards achieving net-zero emissions, every aspect of its growth story must align with the Sustainable Development Goals (SDGs). The higher education system has a crucial role to play in this alignment.

He further stated 3 key focus areas of NEP: The NEP focuses on three key areas: access, quality, and future readiness. “However, there are additional aspects that deserve attention. First, higher education institutions must be prepared to educate a substantial number of students in the coming years. Second, empowering students and faculty to translate ideas into ventures that contribute to the economy and livelihoods is vital. Higher education institutions can play a transformative role in commercialising research and technology transfer, creating jobs, and boosting the economy. Lastly, these institutions should strive to solve the problems and challenges faced by the nation. By becoming citadels of knowledge, they can contribute to strategic areas, economic impact, emerging fields, post-pandemic issues, and preserving traditional knowledge systems. Higher education institutions have the potential to go beyond providing degrees and jobs. They can align their efforts with the nation’s broader objectives, address areas of national importance, and contribute to India’s centenary year goals. By embracing their role as knowledge repositories and fostering innovation, these institutions can shape the future by producing graduates who can make a meaningful impact in various domains. The National Education Policy serves as a roadmap to guide higher education institutions in achieving these objectives, and their success will contribute to India’s progress toward its vision for 2047 and beyond”, Shah concluded.

Navigating education in a globalised world: India’s education renaissance

Features

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Sheeba Chauhan, Senior Sub Editor

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July 10, 2023

Education across the world is navigating a path of development by transcending borders and redefining the way we learn. From remote villages nestled in the heart of Africa to bustling metropolises in Asia, the tides of change are sweeping across the globe, empowering individuals and communities alike. The global education is expected to show an annual growth rate (CAGR 2022-2027) of 10.37%, resulting in a projected market volume of US$9.55bn by 2027. The traditional boundaries that once confined education within the walls of classrooms are being shattered, making room for innovative approaches, digital tools, and inclusive opportunities. As the world embraces this learning revolution, a profound shift is underway, democratizing knowledge and unleashing the limitless potential of minds hungry for growth.

Aiding this growth, the global educational services market has experienced substantial expansion, with a compound annual growth rate of 7.8%, increasing from $3,173.75 billion in 2022 to $3,421.26 billion in 2023. Furthermore, it is projected to reach $4,479.94 billion by 2027, growing at a CAGR of 7%. Several developing countries, including Canada, India, and nations in the Middle East, are making significant strides in the education sector on a global scale.

India, in particular, plays a pivotal role in the global education industry. With one of the world’s largest networks of higher education institutions, India has transitioned from its ancient Gurukul system to become the second-largest education system globally. The country is also a prominent player in the e-learning market, following the United States. The Indian education sector has witnessed increased private investments and collaborations with international brands to provide an internationally recognized standard of education. The demand for specialized degrees has risen, with students opting for industry-focused qualifications. Higher education institutes in India are responding to this demand by creating online programs.

The future of education not only in India but worldwide is being reshaped by cutting-edge technologies such as AI, ML, IoT, and blockchain. The Education 4.0 revolution, emphasizing inclusive learning and enhanced employability, will redefine the educational landscape. Technology has made the world a smaller place, enabling individuals to access educational resources, evolve, and make a meaningful impact irrespective of their geographical location.

Indian Education Market Size – An Open Door for Opportunities

India’s education sector is projected to reach a value of US$225 billion by FY25 (Source: IBEF). With over 250 million school-going students, India has the largest student population in the world. However, according to UNESCO’s ‘State of the Education Report for India 2021’, the Pupil Teacher Ratio (PTR) at senior secondary schools is 47:1, higher than the overall school system’s ratio of 26:1.

As of FY21, the number of colleges in India stood at 43,796, while the number of universities reached 1,072 as of November 25, 2022. In the academic year 2022-23, India has a total of 8,902 institutes approved by the All India Council for Technical Education (AICTE). These institutes include 3,577 undergraduate, 4,786 postgraduate, and 3,957 diploma institutes. Furthermore, the Indian edtech market is expected to grow significantly, with a projected size of US$30 billion by 2031, compared to US$700-800 million in 2021. Additionally, the online education market in India is forecasted to expand by US$2.28 billion during the period of 2021-2025, with a compound annual growth rate (CAGR) of approximately 20%.

These statistics, combined with government policies like the National Education Policy (NEP) 2020 and other ongoing initiatives, position India as a prominent global educational hub.

Navigating Education in a Globalised World

Technology has made it possible for everyone across the world to navigate in the field of education beyond boundaries. As we navigate education in a globalised world, it is important to foster an inclusive, forward-thinking approach that prepares students for the opportunities and challenges they will encounter. By embracing cultural diversity, developing global competencies, leveraging technology, and fostering a sense of global citizenship, we can empower the next generation to thrive in an interconnected world.

Various initiatives, MoUs, and collaborations can be seen across nations as a result of these interconnected relations with a bigger goal of thriving in education. India’s step towards opening up gates for foreign varsities to establish campuses in India is one of the majors. Recently, in the presence of honourable Prime Minister of India, Narendra Modi, and President of US – Joe Biden, Indo-US collaborates to strengthen research. In March this year, India signed an MoU with Australia regarding mutual recognition of University, Vocational, and School qualifications in both countries. This agreement will help the students of both countries to study in either country as their qualifications will be recognized and will be valid in both countries.

Enhancing its education base in the UAE, India signed an MoU with UAE on cooperation in the field of education. The broader agenda of this is to widen the scope of engagements and promote an exchange of information education, capacity development of Technical and Vocational Education and Training (TVET) teaching staff, facilitation of academic collaboration between Higher Education Institutions (HEIs) in both the countries for offering twinning, joint degree and dual degree programmes and any such other areas agreed upon. Also, the World Bank’s Board of Executive Directors has approved a loan of $255.5 million to help India improve the quality of its technical education and provide more career opportunities to students.

India is not just home to the oldest universities like Nalanda or Takshila, it is now home to almost top educational institutions across the world. As per the QS World University Rankings 2023, Nine Indian institutes – the Indian Institute of Science (IISc) in Bengaluru and eight Indian Institutes of Technology (IITs) – were among the top 500 universities. India has always been a knowledge hub in history and now it is on a path to continue holding the knowledge crown by revamping policies, international collaborations, and bridging the gaps to a brighter education system.

Developments Shaping the India Education Ecosystem

The education and training sector in India has witnessed some major investments and developments in the recent past. Some of them are:

The Union Budget 2023 set aside Rs. 1.12 lakh crore (US$ 13.5 billion) for education – the highest ever and an increase of around 8.2% than what was pegged in 2022-23.
The University Grants Commission (UGC) has announced draft norms for facilitating foreign universities and educational institutions to set up campuses in India.
The provisions for multiple entry and exit in higher education, the National Credit Framework, and the Curriculum and Credit Framework for Undergraduate Programmes as envisaged under the NEP 2020.
As per the QS World University Rankings 2023, India is home to 41 out of almost 1,500 top global institutions in the world, with the Indian Institute of Science in Bengaluru being the highest ranked institution in the country at rank 155.
In September 2022, UnfoldU Group, India’s leading online education player, announced plans to enter the space of Metaverse education.

Winding Up!

The education sector across the world is witnessing remarkable growth and transformation, driven by technology and digital advancements. Technology has emerged as a powerful catalyst for transformation, particularly among the younger generation who readily embrace new technologies. The potential of technology and digital media to drive innovation, education, and societal change is immense. As the world becomes increasingly interconnected and information becomes more accessible, technology plays a pivotal role. India, after its economic reforms in 1991, has already made significant strides in global integration. With the adoption of technology in education, India is poised to enter the next phase of globalization. Let us embark on this ongoing journey of progress and make a meaningful impact on a global scale.

TeamLease launches Digivarsity – India’s first AI-powered platform for work-integrated degree and career Discovery

Corporate Updates

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digitalLEARNING Network

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July 7, 2023

The introduction of Digivarsity, a ground-breaking tech-first platform that seamlessly combines academic learning with real-world experience for higher education students, was announced today by TeamLease Edtech, India’s top provider of learning solutions. With the platform, higher education in India is expected to undergo a revolution, equipping students with both the practical skills and academic knowledge required for long-term career success. With the help of over 150 major enterprises and partnerships with India’s top 10 institutions, Digivarsity is now able to provide cutting-edge degree programmes that are related to the world of work. It allows them to combine their academic studies with real work experience and make educated decisions about their education. The NEP2020 vision for the future of higher education in India is truly realised in Digivarsity.

The Board of Apprenticeship Training (BOAT-WR), CSC Academy, Assam Electronics Development Corporation (AMTRON), Government of Telangana, and APSCHE (AP State Council of Higher Education) are some of the PSUs that have partnered with the company to further the cause and reach of these Work Integrated Degree Programmes.

“Digivarsity is positioned to usher in a seismic shift in India’s higher education system. To scale the platform and serve more than 10 lakh students, we would invest INR 100 crore over the following five years. The objective is to give students the skills that employers are looking for and to sculpt the workforce of the future”, said Shantanu Rooj, Founder and CEO, TeamLease EdTech.

The introduction of Digivarsity tackles important issues that both industry and universities are facing. The majority of businesses lament their inability to attract and keep talented workers, while universities strive to provide academic excellence and skill development for their students so that they are marketable upon graduation. A collaboration between the employer and the university can bridge the gap between the two worlds and benefit the learner. By facilitating work-integrated degree programmes, developing a talent supply chain for the future, and assisting universities in broadening their influence, Digivarsity acts as a catalyst for change. In the coming years, Digivarsity will be crucial in raising India’s GER. The programs on Digivarsity are unique as they embody three important attributes –

● Earning while Learning

● Learning by Doing

● Learning with higher Signalling Value

Every student who enrols in the Work-Integrated Degree Programmes offered by the partner universities will be given the chance to complete an on-the-job internship or apprenticeship with an employer. As a result, the student will graduate with actual work experience and will thus have a distinct advantage over college freshmen who lack experience. Additionally, each student will receive a monthly stipend to help pay for their education and other expenses, realising the goal of “Earn while you Learn,” according to Neeti Sharma, President and Co-Founder of TeamLease EdTech.

In order to customise education, Jaideep Kewalramani, COO and Head of Employability Business, TeamLease EdTech, says, “At Digivarsity, we believe in leveraging technology.” “Our AI-driven platform is tailored to the unique requirements of both companies and students. For a fully individualised experience, we take into account both subjective and objective factors like location, interests, academic background, and ability. It ensures that students obtain specialised assistance by matching higher education programmes with pertinent employer opportunities. The platform also makes use of progressive aptitude tests, visual cues, and digital video resumes to improve the candidate evaluation process. We differ from conventional education platforms because of this.

Apeejay Education announces to fully integrate AI into its all schools and institutions

Corporate Updates

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digitalLEARNING Network

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July 7, 2023

Apeejay Education, a pioneer in the field of education and technology, has announced its plans to fully integrate Artificial Intelligence (AI) into all its schools and institutions over the coming months. In a ground-breaking move, the institution will also establish an AI Digital Technology Lab to spearhead advancements in AI for education.

“Apeejay Education has always been at the forefront of technological innovation in education,” said Dr. Neha Berlia, Co-Promoter, Apeejay Education. “We were the first in Asia to move fully into the cloud in 2008, and now we are ready to take the next leap into the future with AI.”

The AI Digital Technology Lab will serve as a hub for innovation, research, and development in AI technologies for education. It will play a crucial role in the institution’s mission to harness the power of AI to enhance teaching and evaluation methods, enabling personalized learning experiences and more efficient assessment methods.

Apeejay Education will be working closely with stakeholders during this period, recognising the importance of a smooth transition. The institution is dedicated to addressing any concerns and ensuring that the adoption of AI and the establishment of the AI Digital Technology Lab align with its mission of providing quality education.

“We understand the implications of this transition and are committed to working with all parties involved to ensure a seamless integration,” added Dr Neha Berlia. “Our goal is to leverage AI to enhance our teaching methods and evaluation systems, ultimately benefiting our students and setting them up for success in the digital age.”

This announcement reaffirms Apeejay Education’s legacy as a trailblazer in adopting technology in education. As the institution steps into the future, it continues to uphold its commitment to providing innovative and quality education for all.

26th Elets World Education Summit concludes with a vision for educational advancement and ignites a spark for change in education

Press Release

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digitalLEARNING Network

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July 6, 2023

The 26th Elets World Education Summit, a premier global event in the education sector, concluded on 5th July 2023 after two days of action-packed knowledge sessions, awards and expo, leaving a resounding impact on the participants and setting a new benchmark for excellence in education.

Hosted at Vivanta by Taj in New Delhi, the summit brought together renowned educators, policymakers, industry leaders, and innovators from around the world. Over the course of 2 days, the summit served as a platform for engaging discussions, insightful presentations, and collaborative networking opportunities, all aimed at shaping the future of learning.

The 26th Elets World Education Summit powered by Creatrix Campus featured a diverse range of sessions, covering topics such as educational technology, curriculum design, teacher training, inclusive education, and more. The summit unfolded in two different segments — School and Higher Education.

The summit kick started with the welcome address of Dr. Ravi Gupta, Editor-in-Chief, Digital Learning Magazine, Founder and CEO, Elets Technomedia said, “We believe that technology has the power to revolutionise the education sector in India, enhancing our overall enrollment ratio and bolstering the effectiveness of learning. Its potential to transform India into a developed nation aligns with the vision set forth by our Hon’ble Prime Minister. Education stands as the paramount sector calling for a transformation driven by technology.”

The Chief Guest of the Summit – Temjen Imna Along, Hon’ble Tourism & Higher Education Minister, Government of Nagaland said in his keynote address that “Education is the journey towards achieving excellence, enabling our generation to be prepared to confront any situation and become valuable human resources for their nation, community, family, and personal growth. However, it is not merely education that holds significance; it is the provision of appropriate education that is crucial. Striking the right balance in education is essential, not just for India as a nation, but for countries worldwide.”

Prof. (Dr.) T G Sitharam, Chairman, All India Council for Technical Education (AICTE) who joined the summit as ‘Guest of Honour’ addressed the gathering and said, “To revolutionize higher education, it is imperative that we collaborate as a team. Our collective goal should be to establish expansive, well-equipped, and dynamic educational institutions that offer a diverse range of disciplines. These institutions should strive to deliver education of the highest quality, fostering innovation, entrepreneurship, research, and community engagement.”

Among the other highlights of the summit was the keynote address by K Bhaskar, Commissioner of School Education (Infrastructure), Department of School Education, Government of Andhra Pradesh who said, “The textbook serves as the foundation of the learning process. Its content is transformed into a digital format, which provides an additional layer of information and a wider range of sensory experiences. While textbooks can only offer textual information and limited visuals, digital formats offer various sensory inputs such as running text, videos, audios, quizzes, and discussion points. This approach, known as blended learning, combines the core textbook content with digital resources, making it available for both students and teachers.”

The summit witnessed Mikael Hermansson, Tedx- Speaker, Author and Edutainer, from Sweden, Europe who addressed the gathering with his exciting anecdotes and introduced GOTD, “Grej of the Day (GOTD), is designed to bring joy back into teaching and learning. By implementing this formula, I aim to make learning meaningful and engaging for students, fostering a sense of excitement and accomplishment in the classroom.”

There were a lot of others esteemed guests who captivated the audience with their visionary ideas and thought-provoking insights. Their profound understanding of the educational landscape left a lasting impact and inspired participants to reimagine traditional paradigms.

Furthermore, the summit showcased a dynamic exhibition hall where leading edtechs Sri Connect, Zenda, Saar education, Quest+, T 10 Sports, Maxhub, Camu, Godrej Interio, Henry harvin Education and many others showcased their groundbreaking solutions. This provided participants with an opportunity to explore the latest advancements in educational tools, platforms, and methodologies.

In the award segment of the summit, some of the prestigious organisations, leaders, schools and higher education institutions received the awards in various categories for their remarkable achievements in the realm of education.

The success of the 26th Elets World Education Summit reinforces its position as a leading global platform for education stakeholders. Elets Technomedia extended the gratitude to all participants, speakers, sponsors, and partners who contributed to its success.

As the curtains close on this remarkable event, the legacy of the 26th Elets World Education Summit will continue to inspire and drive progress in education. The momentum gained during the summit will fuel ongoing efforts to transform learning and with the same enthusiasm, we will be back with the next edition of WES in Singapore & Malaysia to create a brighter future for education.

Empowering Students: Innovative Solutions for Non-Traditional Financial Aid

Interviews

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digitalLEARNING Network

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July 4, 2023

With the anticipated annual increase of 10-12% in the cost of education, financing has become a significant obstacle for those seeking a quality education, shared Victor Senapaty, Co-Founder, Propelld in an exclusive interview with Sheeba Chauhan of Elets News Network (ENN). Edited Exceprts:

What motivated you to revolutionise the financing of education back in 2017? Can you share some significant changes or developments you’ve observed in the system since then?

Propelld is a manifestation of our collective passion and unwavering perseverance. Myself along with my childhood friends Bibhu Prasad Das and Brijesh Samantaray, embarked on this remarkable journey driven by a shared vision. Despite holding high-paying jobs that provided comfort, we yearned for a deeper sense of fulfilment through work that made a tangible difference in society. From an early age, we harboured a desire to create something that would positively impact people’s lives and contribute meaningfully to society.

In early 2017, during one of our discussions about driving societal change, we stumbled upon a glaring gap between the current state of education financing in our country and the actual needs of students. It was a pivotal moment that sparked our curiosity and propelled us into months of rigorous research. We delved deep into the education financing industry, meticulously studying existing models and searching for ways to innovate and disrupt the status quo.

After relentless exploration, we finally arrived at an idea that we believed was truly transformative: an underwriting system capable of democratising access to education. We set out to build a financial product that would leverage this unique underwriting approach to assist students who faced daunting financial barriers. Our goal was to ensure fairness, transparency, and accessibility for every aspiring learner.

As we ventured into different education segments, we witnessed the profound impact of our efforts on both students and our esteemed institute partners. With each step, we received validation that our vision was resonating with those who needed it most. Propelld became the platform that skyrocketed towards a future where no deserving student in India would be deprived of quality education due to financial limitations.

The journey has been exhilarating, fueled by our unwavering commitment to empowering students and bridging the financial gap in education. Propelld continues to revolutionise education financing, offering tailored solutions and underwriting policies that cater to the unique needs of students across various disciplines. We remain resolute in our mission, working tirelessly to democratise access to education.

How is Propelld addressing the challenging act of getting financed for students who don’t get financial aid from traditional institutions?

Propelld addresses the challenging act of getting financed for students who don’t receive financial aid from traditional institutions in several ways. We offer various financing solutions, including moratoriums, income share agreements, and study-now-pay-later options. These options cater to educational programs’ different structures and outcomes, allowing students to choose the payment plan that aligns with their convenience and income potential. We have our evaluation based on potential and academic performance instead of solely relying on traditional credit scores and current financial situations. This inclusive approach enables more students to access education financing, irrespective of their credit history or income level. Our streamlined and hassle-free loan process which is entirely digital, simplifies and expedites the application and approval process, making it easier for students to obtain financing.

We collaborate with educational institutions to provide scholarships and other financial solutions. These partnerships are based on trust and we believe that the students who pursue education from these institutes will have future employability enabling them to replay without failure. By partnering with these entities, we further enhance their ability to assist students who may not receive financial aid from traditional institutions. By implementing these strategies, Propelld aims to democratise access to education by removing financial barriers and providing financing options specifically designed for students who may not have access to traditional financial aid.

What are the criteria that Propelld follows for shortlisting its student borrowers?

Our company possesses a distinct underwriting system, which serves as our core strength. This system operates on two levels: individual underwriting and institute-level underwriting. Individual underwriting involves a comprehensive assessment of factors such as credit history, income documentation, and bank statements to determine an individual’s creditworthiness. This evaluation allows us to gauge the financial reliability of the applicant.

In addition to individual underwriting, we conduct institute-level underwriting. This entails an evaluation of the course quality and the reputation of the institute offering the course. By considering these factors, we can provide varying approval levels tailored to each of our partner institutes. By combining both individual and institute-level underwriting, we can offer a differentiated approval process that takes into account the creditworthiness of individuals as well as the quality and outcomes associated with the educational institutions they are affiliated with.

Propelld has a unique business model in the education space. Can you explain how it works and what sets it apart from other players in the industry?

Propelld operates as a B2B2C entity, partnering with educational institutes to provide financial products and enhance their services for learners. Thus, our customer base comprises the institutes and the students/parents. Our domain is relatively unexplored, with no significant players in traditional lending.

The education sector’s unique risk-return tradeoff and opportunity cost may not appeal to traditional lenders, but Propelld recognises the potential of this market. Our deep understanding and experience in this space have convinced us that it holds great promise for a large lender capable of taking calculated risks and being adaptable. As education is the first expense for a student, building a relationship here could provide an excellent starting point for a long-term association.

Our competition primarily consists of upstart startups, both horizontal and vertical players, as we operate in a niche market. Horizontal players view education merely as a sourcing channel, while education-focused vertical players need to gain experience and market dominance. Our sustained leadership position in this segment and the vast market potential leave us with limited competition.

In terms of retaining our institute partners, we continuously strive to improve our product offerings and leverage non-traditional data sources to serve a higher number of learners better. Our close-knit relationship with the institutes enables us to make frequent product modifications, integrate with their systems, and remain their preferred partner.

Regarding students, we plan to transition towards more relationship-based offerings shortly. This will involve assisting students in rating and reviewing courses and educational services, enabling them to make informed decisions and fostering better connections.

How do you see the future of education and learning, and what role do you envision for Propelld in that future?

Education is not only a game changer on a socio-economic level but also an investment with one of the highest returns on investment (ROI). Propelld recognises the transformative power of education in shaping individuals’ lives and society as a whole.

At Propelld, we envision a future of education that is personalised, accessible, and adaptive. We believe every individual has unique learning needs and preferences, and education should cater to those differences.

Furthermore, we anticipate a greater emphasis on skill development and lifelong learning. As industries evolve rapidly and new technologies emerge, the demand for specific skills will continue to change in this evolving job market.

However, with the anticipated annual increase of 10-12 per cent in the cost of education, financing has become a significant obstacle for those seeking a quality education. Adding to the challenge, traditional banking systems have disproportionately favoured premium engineering and medical colleges, leaving countless students from other disciplines and backgrounds at a disadvantage.

Recognising the significance of education and the financial barriers that often hinder individuals from pursuing higher education, Propelld is committed to providing financial support. We understand that the cost of education can be a major deterrent for many individuals, and we aim to bridge that gap. By offering accessible and affordable financing options, we strive to ensure that deserving students have the financial resources they need to pursue their educational aspirations.

UpGrad likely to acquire US-based Edtech firm Udacity

Corporate Updates

By

digitalLEARNING Network

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July 3, 2023

UpGrad, a leading edtech, is apparently in talks to purchase Udacity, a US-based edtech company that has been on the market for a few months and is thinking about selling a majority stake through an equity swap. According to reports, Udacity may now be worth more than USD 100 million, and recent negotiations suggest a valuation range of USD 100 million to USD 120 million.

According to the sources, even in the event of an equity swap, Udacity’s declining client retention rate and approximately USD $100 million in yearly revenue raise concerns about the company’s long-term health and valuation.

In 2015, Udacity, a US-based business, joined the unicorn club after obtaining a USD 105 million in Series D financing. Tracxn claims that throughout the course of five rounds, a total of USD 238 million in capital has been raised. The report stated that Udacity is now open to selling, which would result in a significant drop in valuation from when it peaked as a unicorn, but this is due to a significant reduction in operations.

Udacity, which was established in 2012 by David Stavans, Sebastian Thrun, and Mike Sokolsky, has its primary office in Mountain View, California, and a presence in Bengaluru, India. It is a global online training platform that provides programmes in subjects including artificial intelligence, machine learning, data science, cloud computing, cybersecurity, and digital marketing. These programmes give skills that are applicable to the industry.

As part of its development into the Pacific region, UpGrad stated earlier this month that it planned to build a medical institute in the Republic of Vanuatu. UpGrad raised Rs 300 crore through an internal rights issue in March with the assistance of its present shareholders and founders, indicating its commitment to both organic and inorganic expansion across several formal education verticals. UpGrad has 31 offices spread over 31 countries, including Vietnam, Singapore, the Middle East, the United States, and the United Kingdom. The business has reportedly made 16 acquisitions.

Global Education Leaders to Gather at the 26th Elets World Education Summit in New Delhi

Press Release

By

digitalLEARNING Network

-

June 29, 2023

The 26th Elets World Education Summit, a global platform for decision-makers, thought leaders, and experts in the field of education, is set to take place on 4-5 July at Vivanta by Taj, Dwarka, New Delhi.

The exclusive closed-door summit will feature two parallel tracks focusing on school education and higher education, bringing together eminent educators, policy-makers, and industry experts to discuss and deliberate on the challenges and opportunities in the education sector.

26th Elets World Education summit in its two-days will feature an engaging agenda with keynote speeches, panel discussions, industry presentations, and networking opportunities. With a focus on “Navigating Education in a Globalised World”, the summit aims to facilitate collaboration and knowledge exchange among stakeholders for building a competitive education system in today’s ever-evolving digital age.

The event will begin with a warm welcome address by Dr. Ravi Gupta, Founder, Editor-in-Chief, and CEO of Elets Technomedia.

Higher Education Track

Day 1 of the Higher Education Track will feature a power-packed inaugural session and panel discussion on various topics including scaling future-readiness in higher education, redefining pedagogy through technology and innovative teaching practices, bridging the skills gap between higher education and industry needs, and adapting to a tech-driven world with artificial intelligence, etc. The panels will feature renowned speakers from esteemed institutions and organisations, including Indian Institute of Management Sambalpur, Chitkara University, Jamia Millia Islamia, and many more.

Prof. (Dr.) T G Sitharam, Chairman of the All India Council for Technical Education (AICTE) will be joining the summit as ‘Guest of Honour’. Addirtionally, distinguished speakers including Dr. Shashank Shah, Director (Senior Specialist – Higher Education) at NITI Aayog; Dr. (Mrs.) Pankaj Mittal, Secretary General of the Association of Indian Universities (AIU), Delhi; H.E. Brendan Ward, Ambassador of Ireland to India; and Sivakumar Veerappan, Founder & CEO of Anubavam Technologies Pvt Ltd, will deliver special addresses during the session.

The highlight of the higher education track will be the keynote session on “Empowering Future-Ready Workforce through NEP 2020: Redefining Skill Development to Adapt 21st-Century Skillsets”. Renowned experts in the field, including Dr. Abhay Jere, Vice Chairman of AICTE; Dr. Abhishek Jain, IAS, Secretary of the Department of Education, Government of Himachal Pradesh; and Eng. Mohammed Mahnashi, SEU President Advisor for Digital Transformation & Data Management at Saudi Electronic University (SEU), Saudi Arabia, will share their insights and expertise on the topic.

The second day of the higher education track, 5th July, will explore the vast opportunities and possibilities in the digital age. The opening session, titled “Enlarging the Horizon of Education on a Global Level: Opportunities & Possibilities in the Digital Age”, will feature notable speakers including Shri A Malla Reddy, Additional Secretary, Department of Higher Education, Government of Telangana; Prof. Binod Kumar Kanaujia from Dr B R Ambedkar National Institute of Technology (NIT), Jalandhar; Prof. M.N Doja from Indian Institute of Information Technology Sonepat (IIIT Sonepat), and Arpan Stephen, Head of E-Learning at Arabian Gulf University, Kingdom of Bahrain.

In addition, industry presentations by prominent organisations such as Camu, WisdomCircle, Anthology, and Lex Counsel will showcase cutting-edge solutions and advancements in the field of education. These presentations will provide valuable insights into the latest trends and technologies shaping the future of higher education.

School Education Track

The school education track will also feature a lineup of esteemed speakers and thought leaders in the field. Participants will have the opportunity to gain insights into the latest developments and trends in school education.

Day 1 will commence with the inaugural panel discussion on “Promoting Multilingualism, Multidisciplinary at School Education: NEP 2020 Perspectives”. The panel will include esteemed panelists such as K Bhaskar, IAS, Commissioner of School Education (Infrastructure), Department of School Education, Government of Andhra Pradesh; Dr. Biswajit Saha, Director (Training & Skill Development) at the Central Board of Secondary Education (CBSE), India, and G. P. Upadhyaya, Cabinet Secretary & Principle Chief Investment Advisor Government of Sikkim. They will share their insights and perspectives on the role of multilingualism and multidisciplinary approaches in school education, in alignment with the National Education Policy (NEP) 2020.

The second day of the summit, 5th July, will feature a keynote address by Naveen Jain, IAS, Secretary, School Education Department, Government of Rajasthan.

One of the highlights of the school education track is the “Opening Session: National Curriculum Framework: Promoting Skills & Competency-based Education”. Moderated by Dr. C.S Nair, Director-Strategy & Skills, Silverline Prestige School, the session will feature esteemed panelists such as Prof. Abha Sharma from the State Council of Educational Research & Training (SCERT), Geeta Varshney from Shri Ram Global School, Dr. Deepika Rathi from Gyaananda School, Dr. Bhavna Chibber from Laburnum Public School, and Sunita Swaraj from The Heritage School.

The summit will also feature panel discussions on crucial topics such as national curriculum frameworks, learning spaces, digital tools, technology in early education, and the impact of artificial intelligence on K12 education, etc.

Moreover, the attendees will have the opportunity to attend industry presentations by renowned organisations such as Sri Connect, Zenda, Tag Hive, and eKal Academy.

26th Elets World Education Awards

The power-packed summit will also host the 26th Elets World Education Awards ceremony, recognising and honouring outstanding contributions and achievements in the field of education.

2 Days of Unparalleled Learning & Networking

Bringing together over 300 decision-makers and top edtech players, the 26th Elets World Education Summit is a significant platform for knowledge-sharing, networking, and collaboration among education stakeholders.

Attendees will have the opportunity to engage in meaningful discussions, gain valuable insights, and explore innovative solutions to shape the future of education.

For more details, visit: wes.eletsonline.com

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