SaaS-based ed-tech platform NEXT Education is targeting net revenue of Rs 200 crore in FY23 based on a net profit of Rs 20 crore, Beas Dev Ralhan, CEO of NEXT Education, told FE Education Online. The company plans to raise net revenue to Rs 1,000 crore in the next three to four years. To achieve the same, it plans to reach 1,000 school adoption with its new offering, NEXT 360 and NEXT Academic Partnership Program. In addition, the company plans to launch its operating system on an international platform by adding the Middle East, Saudi Arabia, Jordan and Latin America to its market space. “Our product has the true potential to become a global solution. We are already in talks with a number of companies in the Middle East as our services are now also available in Arabic,” says Ralhan.
According to Ralhan, NEXT Education closed FY22 at Rs 87 crore. The company posted a net loss of Rs 40 crore in the same fiscal year. “We were profitable until FY20 pre-COVID. However, in the past two years, we have incurred losses of Rs 40 crore every year,” said Ralhan. He added that the company is focused on recouping its profits and is expected to experience 5x growth in FY25. “Even counting 1,000 out of 8,000 schools using one service or the other, we could reach our goal,” Ralhan claimed.
To generate revenue, NEXT Education partners with schools to provide education-based software as a service, such as in-house digital content, integrated and interactive curriculum, and cloud-based solutions. It meets the administrative, academic and assessment needs of schools, along with 24-hour support and service. The average ticket price of the company’s new offering (NEXT 360 and NEXT Academic Partnership Program) is around Rs 12 lakh per school per year.
Moreover, the company claims to have a presence all over India. “We are partners with about 25 schools and about 150 schools are using our curriculum product,” said Ralhan. He further mentioned that NEXT Education has acquired the rights of a book from the Indian Institute of Technology (IIT) Bombay called ‘Computer Masti’. The book’s curriculum was created by computer science professors at IIT Bombay in collaboration with Next Education.
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