The episode highlighted ‘Competishun’, an online education platform founded by Neeraj Saini, Mohit Kumar Tyagi, and Amit Bijarnia, which offers online coaching for JEE/NEET preparation.
In a Shark Tank episode last week, the founders of an edtech start-up faced criticism from all the Sharks. The episode highlighted ‘Competishun’, an online education platform founded by Neeraj Saini, Mohit Kumar Tyagi, and Amit Bijarnia. The company offers online coaching for JEE/NEET preparation and pitched the Sharks for Rs 2 crore in exchange for 1% equity.
Introduction of Competishun
The episode spotlighted ‘Competishun’, an online education platform established by Neeraj Saini, Mohit Kumar Tyagi, and Amit Bijarnia, focusing on JEE/NEET preparation coaching. The founders initiated their pitch by addressing the negative perception within the edtech industry, emphasizing the prevalent prioritization of profit over understanding students’ needs.
Challenges and Strategy
With nearly two decades of industry experience and three years devoted to platform development, the founders outlined their competitive pricing, offering online coaching for Rs 30,000, a fraction of the cost of similar offline coaching, priced at Rs 3,00,000.
Critique and Defense
Anupam challenged the founders on their strategy, highlighting the contradiction in criticizing profit-centric approaches while simultaneously seeking investment. The viability of generating returns without adhering to industry norms was questioned.
As Mohit Tyagi discussed their YouTube channel’s 1 million subscribers, Aman interjected, citing platforms with significantly higher subscriber counts. Tyagi defended their serious educational focus, while Vineeta advocated for the effectiveness of combining education with entertainment, citing examples from Shark Tank.
Business Model and Outcome
When asked to differentiate their business, the founders emphasized their customized course offerings and highlighted their achievement of 2,055 students admitted to IIT in 2023. They currently boast 18 faculty members, including the founders.
Valuation and Clarity
Vineeta scrutinized their valuation and challenged their departure from the profit-driven mentality they criticized. The Sharks expressed dissatisfaction with the founders’ lack of clarity regarding their business model.
Comparison and Conclusion
When the founders praised Physics Wallah, the Sharks sought an explanation of that business, leading to Peyush’s remark, “You explained Physics Wallah’s business more clearly than your own.” Ultimately, all the Sharks withdrew from the deal, citing the founders’ unclear articulation of their business’s uniqueness.
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