Manipal Group’s Edtech Foray: Investment, Business Expectations And Team Size – Know More
Manipal Global Education Services (MaGE), a subsidiary of the Manipal Group, has set the stage for advancement in medical education with its medical edtech platform’s launch, MedAce.
MaGE has made an investment of Rs 60 crore to develop the app-based learning and assessment platform and plans to infuse an additional Rs 50 crore into the platform over the next 15 months.
The platform is being led by MaGE managing director and CEO Ravi Panchanadan.
MedAce is positioning itself to disrupt the status quo in medical education, particularly for undergraduate medical school students preparing for postgraduate courses. This app-based platform has entered the arena to compete with established players such as PrepLadder and Marrow, which currently serve as vital resources for students preparing for the National Eligibility cum Entrance Test (NEET) PG, a pivotal milestone in their medical careers.
Timely Launch
MedAce's launch aligns with the impending replacement of NEET PG by the National Exit Test (NExT) set to commence in 2024. This transition is poised to reshape the medical education landscape as it incorporates the licentiate exam for graduating MBBS students.
Manipal’s medical edtech platform takes a two-fold approach to meet the needs of medical students. Firstly, the “Learn” section of the app is tailored for students looking to strengthen their foundational knowledge in the basic sciences that are directly relevant to their undergraduate curriculum. This segment provides an array of valuable features, including microlearning modules, live tutoring sessions, access to online dissection labs, immersive 3D interactive learning experiences and engaging gamified assessments.
Secondly, the “Prep” segment of MedAce is exclusively designed to equip students for the demanding postgraduate entrance tests. This component looks to deliver personalised study plans, grants access to an extensive repository of question banks, offers a plethora of practice tests and provides indispensable tools such as flashcards and workbooks. Additionally, this section offers curated content authored by subject matter experts, ensuring that students have access to the highest quality resources to excel in their preparation for these challenging exams.
Business Expectations And 15-Month Plan
Over the next 15 months, Panchanadan shared with BW Businessworld that the platform's strategic objectives include elevating MedAce's tech product through content enhancement driven by user feedback and analytics insights. Additionally, the company aims to make investments in technology, specifically focusing on artificial intelligence and analytics, to fine-tune the product's functionalities and extract valuable user behavior insights.
“Our primary focus is on creating value for users rather than simply chasing high valuations and look at a user-centric approach to product development,” said Panchanadan.
All investments for the next 15 months will be self-funded, with no intentions of seeking external sources of capital.
“My portion of the company is already profitable, including our international campuses and banking academy. Therefore, I have financed this project using the profits generated from these ventures up to this point,” added the MaGE MD.
The MD said that the product is targeted towards B2C at this point but would be open to collaborations with medical institutions. “If certain institutions approach us and express interest in incorporating it into their fee structures for all students, we will be open to discussing it,” he said.
Based on a Fact.MR report, the global medical distance-learning segment is projected to experience a 4.2 per cent Compound Annual Growth Rate (CAGR) through 2027. Nevertheless, on-campus training is expected to maintain its market leadership, constituting over 50 per cent of the medical education market.
MedAce Team
The platform has dedicated teams for product development, marketing (with a focus on both performance marketing and brand marketing), technology (with a core architecture team) and sales. Besides this, MedAce has a technology partner, Happiest Minds, for the build aspect of their projects.
MedAce also has recruited talent from competitors like PrepLadder and their team currently consists of about 30-35 members. Panchanadan said that the team would expand in the coming months.
