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The recent regulatory support from the University Grants Commission for online degrees, establishing equivalence with offline degrees, adds a crucial layer of credibility to the sector, said Siddharth Banerjee, CEO, UNIVO Education.
India is on the cusp of significant growth and innovation, with the UGC’s guidelines fmaking online higher education a mainstream and credible choice for learners across the nation, he said.
The regulatory framework aligns with changing consumer behaviour, as individuals from diverse backgrounds including professionals, athletes and workers embrace online higher education for its flexibility, convenience and affordability. It enables one to pursue a career and simultaneously earn an online degree.
“We are actively forging partnerships with industry partners, contributing to enhancing employability outcomes,” Banerjee said.
India’s technological leap in the last decade, characterised by widespread access to mobile phone data and the India stack of Aadhaar and UPI, have created a conducive environment for internet adoption including online higher education, he said.
The company aims to partner with the choicest of universities to bring quality degrees to learners in India and contribute towards achieving the government’s targeted gross enrolment ratio of 50 per cent by 2035.
The digital-first education company caters to over 81,000 paid learners from 115 countries, with access to a range of universities.
UNIVO Education has evolved as a key player in shaping the future of online higher education in line with the New Education Policy 2020, he said.
UNIVO secured a Series A $76-million funding from Avenu Learning, with a valuation of $220 million. Avenu Learning, backed by Southern New Hampshire University (USA) and Seek Investments (Australia), are the strategic investors in the company. It has a revenue run-rate of over Rs 160 crore in FY24.
The company’s employee count increased from 200 to 1,000-plus and it recently opened a second office in Bangalore for technology and sales operations.
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