ANL 10.50 Decreased By ▼ -0.78 (-6.91%)
ASC 9.19 Decreased By ▼ -0.31 (-3.26%)
ASL 11.13 Decreased By ▼ -0.11 (-0.98%)
AVN 76.35 Decreased By ▼ -1.66 (-2.13%)
BOP 5.44 Decreased By ▼ -0.07 (-1.27%)
CNERGY 5.27 Decreased By ▼ -0.14 (-2.59%)
FFL 6.57 Decreased By ▼ -0.19 (-2.81%)
FNEL 5.90 Decreased By ▼ -0.01 (-0.17%)
GGGL 11.08 Decreased By ▼ -0.22 (-1.95%)
GGL 16.44 Decreased By ▼ -0.34 (-2.03%)
GTECH 8.52 Decreased By ▼ -0.47 (-5.23%)
HUMNL 6.89 Decreased By ▼ -0.31 (-4.31%)
KEL 2.90 Decreased By ▼ -0.06 (-2.03%)
KOSM 3.20 Decreased By ▼ -0.26 (-7.51%)
MLCF 26.91 Decreased By ▼ -0.24 (-0.88%)
PACE 3.00 Decreased By ▼ -0.10 (-3.23%)
PIBTL 5.91 Decreased By ▼ -0.20 (-3.27%)
PRL 16.89 Decreased By ▼ -1.17 (-6.48%)
PTC 6.97 Decreased By ▼ -0.11 (-1.55%)
SILK 1.17 Decreased By ▼ -0.02 (-1.68%)
SNGP 36.30 Increased By ▲ 1.55 (4.46%)
TELE 10.59 Decreased By ▼ -0.35 (-3.2%)
TPL 9.13 Decreased By ▼ -0.27 (-2.87%)
TPLP 19.91 Decreased By ▼ -0.58 (-2.83%)
TREET 28.60 Decreased By ▼ -0.80 (-2.72%)
TRG 76.30 Decreased By ▼ -1.20 (-1.55%)
UNITY 19.85 Decreased By ▼ -0.51 (-2.5%)
WAVES 12.66 Decreased By ▼ -0.14 (-1.09%)
WTL 1.36 Decreased By ▼ -0.01 (-0.73%)
YOUW 5.07 Decreased By ▼ -0.44 (-7.99%)
BR100 4,091 Decreased By -25.7 (-0.62%)
BR30 14,953 Decreased By -115.9 (-0.77%)
KSE100 41,348 Decreased By -282.2 (-0.68%)
KSE30 15,737 Decreased By -124.3 (-0.78%)
Technology

Pakistan's edtech startup Out-Class raises $500,000

  • Launched in 2021 as the 'Netflix for students' by LUMS and Harvard alumni, Out-Class aims to become an equaliser for education
Updated 23 Jun, 2022

Pakistan's edtech startup Out-Class has raised $500,000 from its seed round, the company announced on Thursday. The investment round was led by Pakistan's House of Habib, alongside other global institutional and angel investors.

Launched in 2021 as the 'Netflix for students' by a LUMS alumna and two Harvard alumni, Out-Class is aiming to become an equaliser for education. It already serves over 10,000 students through bite-sized courses, the company said.

It added that it plans to deploy the new funds to expand its course offerings, invest in improving teacher quality and build new personalisation and adaptive features into its platform.

“We were inspired by the Out-Class team’s vision to make high-quality content accessible for students through an innovative, world-class platform,” said Hamza Habib, Non-Executive Director at House of Habib.

CEO Out-Class Aiman Bashir stated: “We started off by offering crash courses to students to prepare them for high-stakes exams at one-fourth the price of tuition academies. But we’re just getting started.

Pakistan's edtech startup Maqsad raises $2.1 million in pre-seed funding

“Our goal is much bigger - in a country where one-third of children are out of school, we want to make high-quality education accessible and affordable to all."

With the recent investment and financial crunch setting in globally, the founders are wary but hopeful.

“We feel tremendous responsibility in our role towards contributing to Pakistan’s educational landscape and realise it needs a lot of work,” said co-founder Oosman Bashir. The educationalist added that the startup has sought investors who understood the market.

TikTok, Edkasa and LUMS partner for online education of high school students

Talking to Business Recorder, Ali Nomani, another co-founder, said that the startup intends to launch more mass market products in the coming days. “We are currently designed for K-12 education, but our goal is to meet the educational needs of every Pakistani between the ages of 5-30.

"We will start offering SSC and matriculation products by the end of this year,” he said.

The co-founder said the startup is currently envisioned as a digital company, but also intends to open experience centres down the line.

Nomani said the startup is gearing up for the long-run, and intends to seek growth in Pakistan. “We are not seeking break-even but growth both in terms of number of students and course offerings. This fund too, is not designed to get us towards break-even,” he said.

He added that the edtech market in Pakistan will mature in the next three to five years, and has all the factors to reach its potential. “We have a huge population, high appetite for spending on education, and lastly, the access to technology is also getting cheaper. All these factors will push the sector to grow rapidly in the coming years.”

Pakistan’s startup sector witnessed its best year in 2021, as 81 deals worth $350 million were secured. The amount raised was more than 5x of what was raised in 2020 i.e. $65 million.

In 2022, the startup sector has continued its momentum despite various hiccups. During the first quarter, startups raised a substantial $163 million, according to a Deal Flow Tracker by Invest2Innovate.

Just last week, Pakistan’s logistics startup Rider raised $3.1 million in a funding round.

Comments

Comments are closed.

samir sardana Jun 23, 2022 11:03pm
In a nation of 220 million,with a wide and deep cell phone penetration - Ed Tech should have been a star operation, a long time ago. Crash Course, is the Terminal Descent of a Missile It is the Launch that is KEY and the Stealth and Counter Measures and Mach 10 speed and Multi warheads The issue is the Rotten Education system (text books,curriculum,teaching methods) and the appraisal and monitoring of students Until this entire value chain is tapped - there will be no education revolution. 1st Foundation - Students have to learn to educate THEMSELVES,w.o a teacher to SPEAK TO THEM ,in a classroom.FOR THAT THE EDUCATIONAL BOOKS HAVE TO BE RE-WRITTEN - AND E-WRITTEN,AS THE CONCEPT OF BUYING A PAPER IS OBSOLETE.The E-Book will TALK to the student,and based on the E- queries of the student and AI,will CREATE Q&A after each Chapter - to address the flaws in the cognition, comprehension,analytics and thought process of the student,dindooohindoo
thumb_up Recommended (0)
samir sardana- Jun 23, 2022 11:03pm
Part 2 2nd Foundation - Use of Tech and AI tools in Classroom teaching 3rd Foundation - Use of Tech and AI to analyse student performance.Even a Right answer by a student is a clue of his process of thought and comprehension - which can be tested,fine tuned and navigated. And then come the crash and refresher courses at the End of Day - where the student can refresh the classroom and self learned content.By Repetition,the student will develop memory and retention,and with some new angulatures of though,he will expand and develop analytics.With time will come confidence,and then the student will develop new processes of thought - and that is the seed of enterpise,independent thought and critical thinking. That will change the nation The Pakistan IT sector has to plunge into this - as this can be replicated all over the world - and especially in Islamic nations.dindooohindoo
thumb_up Recommended (0)
samir sardana- Jun 23, 2022 11:04pm
Part 3 It is also a huge potential for the Govtt schools, as once school buildings and text books become obsolete,the strain of Education on the GOP Budget also ends.Also it ends the salaries and pensions of teachers,as the ROLE AND PRE-REQUISITES,OF AN ONLINE TEACHER - is a different dimension of thought,per se.
thumb_up Recommended (0)