Hero Group is entering the edtech industry through its company Hero Vired.
The newly-launched platform is headed by Akshay Munjal, the founder and CEO. He said that the initial investment of $10 million for the company had come from the Hero family.
The platform offers interactive support, peer-to-peer communication and engagement-driven online instructor-led classes. Hero Vired has partnered with the Massachusetts Institute of Technology, Cambridge, and New York-based Codecademy, an e-learning coding website and is expected to offer a mix of programmes for professionals and higher education aspirants, the publication said citing a statement from the company.
Munjal added that the initiative would offer a mix of programmes—some aimed at working professionals with classes over the weekends, and others for young professionals who are looking for a more intensive full-time experience.
Hero Group first forayed into education in 1964 and started BML Munjal University in 2014. Munjal also heads the university as its president.
"We have got a very large young population, which is definitely looking for jobs, currently either unemployed or not meaningfully employed. On the other hand, we have an industry which is starved for talent. What we are attempting to do is how do we solve this problem from where it originates from," Munjal told PTI.
When asked about investments in the new venture, he said, "the family has already committed upwards of USD 10 million only on this venture, which is a substantial sum. That gives us the flexibility of building focus on quality."
Munjal said Hero Vired would target three segments of students -- those who passed class XII and seeking quality education; fresh college graduates who are unable to get meaningful jobs; and working professionals with 0-10 years of experience, who are looking to upskill to enhance career growth.
The EdTech startup will offer two programmes -- a six-month full-time programme followed by three to four months of internship and a part-time programme of over 11 months, with classes over weekends.
"Fee ranges from Rs 2.5 lakh to Rs 5 lakh depending on the programme," Munjal said adding the first session will begin in July this year for two programmes and others to be added gradually with the number of students capped at 100 students per batch per programme.
Initially, the programmes will be offered online but once COVID-19 settles, there will be hybrid options also, he said adding select programs will offer an academic bank of credits as proposed in the National Education Policy for learners to access future learning.
[With agency inputs]