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Fuelled by demand for its solutions from across industry sectors, Degreed, a San Francisco based, learning experience platform (LXP) for enterprises, expects to double its revenue in 2019.
The company, which launched its India operations last year, is looking to garner $5 million next year, driven by demand from the IT/ITES, BFSI, Telecom and Manufacturing sectors, a top executive told BusinessLine .
“We see huge potential in India as it has a very strong learning culture and every customer I’ve met here is immensely excited about the potential for helping employees build new skills. India is very entrepreneurial with a lot of forward- thinking business leaders who value continuous learning,” said Kelly Palmer, Chief Learning Officer, Degreed. The company has 140 customers from Fortune 200 companies.
Pointing out that corporations have defined learning as classroom training or e-learning modules, Palmer said, “We know that people don’t just learn from those corporate resources. When they want to learn something new, they would go to TED Talks, YouTube, books, newspaper articles, ask peers, mentors, consult experts, etc. How can a corporation capture all of that kind of learning? That’s part of what we are trying to solve.”
Degreed is an AI-based tool offering personalised curated content from 1,500 sources that are integrated on its platform. It also includes podcasts, events, books, articles and serves it up in individualised pieces much like a music playlist based on the user’s track-record. The company does not create any of its own technical or non-technical content.
“You have a LinkedIn profile to list out your professional milestones, you have a Facebook profile that takes care of your personal interests, however, you are not recording any of your informal learning anywhere. Degreed provides individuals with a learning profile which they can carry from one organisation to the next,” said Ajay Sridharan, Country Manager (India/APAC), Degreed.
Coursera, an online learning platform founded by Stanford professors which counts 3.3 million Indians as its customers of its 34 million registered learners, is adding 60,000 Indian learners every month. “The Indian learner population is growing at 44 per cent YoY,” said Jeff Maggioncalda, CEO, Coursera.
The global Learning and Development (L&D) market is pegged at $211 billion, growing at 13-17 per cent year-on-year. In India, L&D is a $2.4-billion market opportunity, growing at 28-30 per cent YoY, said Sridharan.
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