“If we are comparing it to the pandemic, of course the growth is slower (for online learning platforms). But now genAI courses are driving the growth with over 950,000 enrollments happening for genAI courses and almost 1600% year-on-year growth in genAI content,” Raghav Gupta, managing director of Coursera India and Asia Pacific, said in an interview.
“Some of the growth is also happening because it is such a hot topic that people want to learn and there is a bit of a fear of missing out as well,” he added.
India currently has about 26 million registered learners on Coursera, trailing only the US with 29 million. However, India leads in the number of enrollments for genAI courses, surpassing the US.
He noted that in 2023, someone in India enrolled in a genAI course in Coursera every three minutes. In 2024, this demand quadrupled, with one enrollment occurring every minute.
Last week, the US-based edtech platform introduced a new segment of genAI courses for software, product, data, and marketing teams within organisations, branded as ‘genAI for teams.’
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This addition expands the genAI Academy, which already includes segments like “genAI for Everyone” and “genAI for Executives,” the latter tailored for senior professionals. The academy also offers tools for instructors to create genAI-driven courses and helps learners maintain academic integrity.
Coursera currently offers over 500 genAI courses on its platform and expects to grow its India learner base to 28-29 million by the end of the year.
“One of the things that we have taken a lead is that very early in the process, we started building content on genAI. So, that is why the 500 courses that we have on genAI is contributing to what people are looking for as well,” Gupta said.
Coursera reported $170.3 million in revenue for the second quarter ending June 30, an 11% rise from $153.7 million in the same period last year. Gross profit rose 13.1% to $90.2 million from $79.7 million last year.
This comes as edtech platforms assess the impact of generative AI on their businesses.
In July, ET reported that around 340,000 individuals enrolled in higher education and upskilling startup Upgrad’s free courses in the last fiscal year ending in March, with 40% of these learners focusing on genAI, technology, machine learning, software, and data courses.
Mergers and acquisitions
Discussing Coursera’s merger and acquisition strategy, Gupta said the company is actively seeking acquisitions to enhance its content offering. It is also exploring acquisitions to strengthen its product portfolio and expand into new markets.
In 2019, Coursera acquired Rhyme Softworks, a platform providing hands-on learning for programming and tech skills. Last year, it invested in New Delhi-based startup Unstop, which connects students with job opportunities.
In India, Coursera partners with top universities and companies to offer their courses online, including BITS Pilani, IIM Ahmedabad, IIT Bombay, IIT Roorkee, IIT Guwahati, IIM Calcutta, IIM Kozhikode, and industry partners such as PwC India, Philips, and L&T EduTech.
Consolidation in the edtech sector
India’s edtech sector has recently seen a significant slowdown due to the return to traditional, in-person learning, economic pressures, and funding constraints.
Once the country’s most valued Indian startup, Byju’s worth today is zero, according to founder Byju Raveendran, as it faces dispute over delayed payments to lenders, resulting in legal conflicts and pressure to restructure its debt.
Last month, the Supreme Court set aside a National Company Law Tribunal (NCLT) order that had approved a Rs 158 crore settlement between Think & Learn Pvt Ltd, Byju’s parent company, and the Board of Control for Cricket in India (BCCI), restoring the insolvency proceedings and further complicating the edtech platform’s challenges.
Other major platforms, including Unacademy and Vedantu, are also navigating significant challenges amid the sector’s downturn which led to significant layoffs.
Gupta noted that following the pandemic-induced boom, which attracted numerous companies and investors, only a few strong players are now securing funding and pursuing acquisitions, leading to consolidation.
“We have seen this in ride sharing, food delivery, and ecommerce. There were so many companies in ecommerce, and now there are only a handful of players. To an extent that is what we are seeing in edtech as well,” he said.
Gupta added that Coursera currently has no plans to enter the offline space. Instead, the company is focusing on strengthening its partnership with universities to deliver online content and helping corporations upskill their workforce. Meanwhile, several Indian edtech companies are expanding their brick-and-mortar presence through acquisitions or opening new centres.
On September 20, online coaching platform PhysicsWallah closed a $210 million financing round led by Asian hedge fund Hornbill Capital, with participation from Lightspeed India Partners. Similarly, on October 21, ET reported that Singapore sovereign wealth fund Temasek invested an additional $60 million in Upgrad.
In May, Accenture announced it had completed the acquisition of edtech platform Udacity to enhance upskilling opportunities for its clients. It also introduced LearnVantage, an upskilling platform for clients requiring training in technologies such as AI.
Also Read: Upgrad in talks for $100 million to close US edtech Udacity buy
