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Hello reader,
In 2021, I worked on an episode of Tech in Asia Explains that discussed edtech. At the time, edtech was on everyone’s radar: The pandemic accelerated its growth tremendously, and startups in the sector were raising massive amounts of money.
Fast forward to today, and things aren’t so rosy. Edtech hasn’t been spared from the investment slowdown sweeping across the globe, and online learning is taking a backseat as schools reopen and people rediscover the value of in-person learning. Many edtech firms are struggling with cash flow issues, insolvency, and layoffs, but there’s at least one that’s passing this test with growing revenues.
Today we look at:
- This Singapore-based edtech startup that’s topping its class
- HappyFresh restarts operations in Indonesia
- Other newsy highlights such as Grab’s new CTO and some insights from the Tech in Asia Conference
Premium summary
This genie is out of the bottle
Image credit: Timmy Loen
It’s a tough time for edtech, as the return to offline learning and investment slowdowns batter the industry. But amidst this gloom, one firm stands out: Singapore-based Geniebook.
- Odd one out: At a time where major edtech firms like Byju’s and Unacademy are slashing jobs and pulling back on expansion plans, Geniebook’s revenue grew 100% in 2021. And compared to its peers, it has also raised relatively little funding- just US$18 million to date.
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Recipe for success: Geniebook’s co-founder attributes its success to strong unit economics – a result of its “cash-efficient” and “prudent” approach to growth. The firm offers personalized online learning tools for primary and secondary school students across Chinese, English, mathematics, and science subjects. Its 300 teachers churn out new content every day, with help from an AI-powered customization system.
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Beyond borders: Geniebook has set up shop in other Southeast Asian countries including Malaysia and Vietnam. Notably, though, it has “no immediate plans” to expand into Indonesia – it is one of the most crowded markets in the region with nearly 400 edtech startups in the country.
Read more: Geniebook tops the class with 100% revenue growth in 2021
Startup spotlight
On the road to being happy and fresh…in Indonesia
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