The Key Weapon for the Survival of Indian Edtech Companies

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ChatGPT has posed a major challenge to edtech firms, compelling stakeholders to either leverage its capabilities or risk being left behind. Last month, US-based edtech company Chegg reported in a trading update that its business has been negatively impacted by the growing use of generative AI. Although the first-quarter results were relatively stable, the effects have become more pronounced over the past two months.

While some edtech platforms dismissed the potential of ChatGPT and faced near failure, others, like Khan Academy, recognized its value early on and adopted it. For example, in March, Khan Academy introduced Khanmigo, a virtual tutor and learning guide powered by GPT-4.

In India, edtech firms are beginning to follow this trend, but the industry is currently in a fragile state. After experiencing rapid growth during the pandemic, these firms are now struggling with instability as conditions return to normal. Many are dealing with challenges in maintaining stability, resulting in downsizing and layoffs. As a result, generative AI could prove to be a crucial asset, offering the potential for highly personalized learning experiences for students.

“Edtech companies are poised to serve as a UX layer, offering context, capacity, and creativity that complement generative AI. When this UX layer is integrated with Natural Language Processing (NLP) and supported by extensive machine learning data, it can guide generative AI to craft meaningful learning experiences,” explained Rishabh Ranjan, Chief Data Scientist at SwiftChat by ConveGenius, in a conversation with AIM.

Indian edtech firms are leveraging generative AI.

In India, several edtech firms are harnessing large language models (LLMs) to deliver hyper-personalized learning experiences to students. According to Mayank Kumar, co-founder and managing director of upGrad, the company is considering developing its own proprietary LLM. “These advanced models have significantly enhanced our educational services and provided valuable insights to our learners. We are also looking ahead to potentially creating our own proprietary LLM to further advance our offerings.”

upGrad has developed a GPT-powered chatbot that enables learners to conduct mock interviews at their convenience. “Our chatbot provides real-time performance scores and feedback, along with guidance and corrective measures to help learners enhance their skills,” said Kumar. They are also working on creating a coaching bot.Read More-https://voiceofentrepreneur.life/