Feb 2, 2023By: Eetika Kapoor
Entrepreneur Shreyaan Daga co-founded edtech platform Online Live Learning (OLL) when he was 16-year-old. Within two years of its inception, he claims his company had annual sales of ₹2.2 crore. Know more about the youngest entrepreneur to pitch on Shark Tank India:
With the help of ₹2 lakh rupees from his father, Shreyaan Daga dropped out of the10th grade to provide live skill development classes to students from first to 10th grade. These include workshops spread across robotics, financial education, public speaking and coding, to name a few. These courses are certified by online learning platform STEM and UNESCO.
OLL charges ₹2,000 per child as annual subscription fees for online classes and is assisted by 300 teachers. “Within two years, we made a revenue of ₹2.2 crore. Last month, we achieved ₹28 lakh revenue. Our net margin is ₹18 lakh,” he said. This comes when five edtech companies shut in 2022 alone.
“We partner with teachers and pay them on an hourly basis. Because it's group classes, we receive an order in bulk and teachers get higher than expected per-hour payment” Daga said.
OLL has already raised funds through two rounds earlier – raising ₹20 lakh and ₹90 lakh respectively. Its investors include Neeraj Tyagi, CEO and co-founder of VC firm WeFounder Circle; Monica Gupta, regional partner at Venture Catalysts; and Gaurav VK Singhvi, managing partner, Invstt Trust.
Daga said every child was buying at least 4-5 courses from OLL. In each course, every child creates ten practical projects. On this revelation, Sharks revealed it was similar to what edtech platform White Hat Jr was providing.
Referring to the competition from big edtech players like Byju’s and Unacademy, he said, “ The competition is gradually collapsing because funds aren't available in the market.” He also said he had called up edtech Crejo dot Fun to ask if they were willing to sell their company to him – they declined.
CEO and co-founder of Sugar Cosmetics Shark Vineeta Singh asked if he would sell his company to Byju’s and Unacademy. The bright young entrepreneur said, “One of my milestones is to acquire Byju’s or Unacademy. Unless and until I bring one billion learners on board, I will not leave this.”
“You are a champ. At 18, I was useless. I had no idea how to go about my life. After a few years, you can be something great. You already have investors who can guide you. I can't help you right now because I don't have any expertise,” judge Aman Gupta, co-founder of bOAt said.
“At 18, what you're doing is fantastic. We are looking for a higher scale as an investor. We can be your cheerleaders, but as an investor, scaling will have a lot of problems for that reason I am out,” said judge Namita Thapar, executive director of Emcure Pharmaceuticals.
“I think you are a genius. At this age, the kind of depth and maturity you have, is not often seen. But I fail to understand your business properly…You already have funding. I am not sure what my role will be,” judge Anupam Mittal, founder of Shaadi dot com said stepping out of the deal.