Edutech startup Notesgen expects to achieve break-even this year as its user base is likely to jump 5-fold to reach 10 million by the end of this year, the company's co-founder Manak Gulati said. "With the growth rate that we are seeing in our user base, we expect to break-even this year. Currently, we have crossed 2 million user base and by end of this year, we should be able to get 10 million user base on our platform," Gulati told PTI.
Funded by high net worth individuals, including employees of iPhone maker Apple, Aricent, and Career Launcher Chairman Satya Narayana in their individual capacity, Notesgen offers note sharing platform among students globally. Students on its platform can buy notes from any student across the globe and chat for any clarification. "Average student spending by the monthly active user has reached Rs 250. We expect 1-5 per cent of a total user base to spend money for notes," Gulati said.
He said that the company started in 2015 and gained traction across 15 countries with around 50,000 students accessing and 20,000 notes were uploaded. "In the first year, we had revenue of Rs 20,000 and next year it jumped to Rs 7 lakh, then Rs 11 lakh. We expect to close this fiscal year with revenue of Rs 75 lakh, with more students paying we are expecting to cross Rs 4 crore revenue. We have introduced a mechanism in allowing students to pay in their local currency," Gulati said. He said that the company is now investing in making notes more accessible and easy to comprehend.
"Students are seeing the benefit of making notes and sharing it on Notesgen. We are now in a stage where word of mouth is also helping us. Within India, as per our matrix, we are seeing maximum notes getting uploaded from UP and Bihar and consumption is highest in North India, Gujarat and Rajasthan. Students in Africa are also doing well," he added.
(With inputs from agencies.)