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Manipal Global Education Services, having ventured into the billion-dollar online medical education sector with the launch of their latest app, Manipal MedAce, will gear up for international expansion as part of their mid-term growth strategy, according to a top company executive.
The platform currently caters to medical learning and medical PG prep.
Speaking to businessline, Ravi Panchnadan, MD and CEO of Manipal Global Education Services, noted that their immediate priority revolves around refining the platform, enhancing content, and eventually branching out into the global market and introducing new verticals.
He stated, “In the midterm, after 18 months, especially concerning test preparation, we will devise a plan for entering the international market. Further, we will cater to Indian students overseas, including Indian passport holders and those who wish to return to India after completing their medical studies in places such as Belarus. They would need to take a screening test upon returning and obtain licensure here.”
The online education market is predicted to amass revenues of $5.76 billion in 2023, as per Statista.
Regarding Manipal Global Education Services’ performance in FY22, the company achieved a total income of ₹694.36 crore, compared to ₹644.6 crore, and a net profit of ₹49.91 crore, according to market data provider Tofler.
Focus
The company’s immediate focus lies on enhancing the product, content, platform, and AI. In the next 15 to 18 months, the aim is to make Manipal MedAce an indispensable resource for medical college students. Additionally, they aspire to provide NEET PG prep students with MedAce on their phones or tablets, the MD said.
The app is available for download on Android and iOS devices and is priced at around ₹18,000 for an annual subscription.
A critical aspect of their strategy is understanding product positioning and gathering market feedback to implement new features, reconfigure or refresh content, and enhance their existing AI capabilities. “The next 15 to 18 months will be dedicated to optimising the remaining ₹30–40 crore investment and fine-tuning these aspects,” Panchnadan noted.
The company has committed over ₹100 crore to developing content for the platform, with approximately ₹50–60 crore already invested in this endeavour.
At present, the online medical education space has players such as Medvarsity and Omnicuris.
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