Have you ever feel demotivated, or if you’re not getting the proper idea to start something, But you got the idea but unable to execute your idea, or You have executed your product well but people are not buying your product, or you are not able to properly market the product, or you have marketed the product properly but not able scaleup the product, or maybe you have scaled the product properly but you are not able to earn money from your product.
You can not fully fill your needs only if people are liking your product, you are now not able to raise the funding for your product which will help you take your product to a completely next level.
So if you are facing any of the problems I have mentioned above then this Unacademy Business Model Case Study which I will present you like a story which was started 5 years ago on another Google product YouTube how they become a company worth 35,000 Cr and how you can tackle all the problems which I mentioned above.
And be with me till the last as you will get to learn a lot of important things.
Unacademy Business Mode
Idea Formation
So let’s go to a few years back 2010, Gaurav Munjal who was a student of NMIMS Mumbai in Computer science.
So the date was 31 December 2010 when most of the people are planning for their parties and he was preparing for his exams.
As he was quite done with his studies and was free at the time and like every other engineer he also had plans to do something big.
But at that time he thought let’s do something otherwise there will be a plan only so take his whiteboard and record a video on a variable and after one week he again recorded a video and then he started recording regularly.
So he took the first step toward his idea but he had no idea at that time that this small step was the first pillar of a huge building that he was about to build.
So he started getting good responses for his videos and with this part-time stuff he completed his college, joined a company, and also started a startup with his friend Himesh Singh but he didn’t stop uploading the videos.
And his startup did well, they raised some funding and ultimately they got a great exit from their startup with a good amount.
So now he started uploading his videos more often and then contacted his Friend Roman Saini and here we will start our next topic: a great team.
Team Building
Let me tell you a bit about Roman Saini, he cracked AIIMS at the age of 16 India’s one of the toughest exams and started studying in AIIMS but he was not getting that spark there so he quit AIIMS and give the exam of IAS and cracked that exam too again one of the toughest exams of India.
Now you get the Idea how intelligent he is so let’s come back to Unacademy Business Model so Gaurav Munjal and Roman Saini were friends so he asked him to also upload videos as there are many people who have videos on these topics so it will be a great help for them.
A good conversation with Roman Saini gives a little clear picture to Gaurav what they need to do.
He has a great team of people who are talented and have great experience in their field and started working to solve the problem of the masses.
But the hardest step was taken by Roman Saini. He quit his IAS job as he thought he can create much more impact through Unacademy than IAS.
Another great lesson to create a huge impact or to do something huge sometimes you have to give huge sacrifices and do not step back if you have the real vision.
Solving The Mass Problem
So they realize that in India we have good colleges and jobs but to get selected for those exams we need to crack the entrance exams.
There are many different entrance exams but there aren’t coaching institutes for each and every entrance exam.
For popular entrance exams like JEE, Neet, UPSC you will get the coaching institutes but the thing is it is not compulsory that those institutes are in your city, or let’s assume that there are coaching institutes in your own cities but still many times limited numbers of seats are there for them.
Let’s assume you got good marks and got selected in the good institute where there are great teachers but the next which comes is fees, fees of those institutes are very high and everyone can not afford this.
So here they thought of making quality education accessible to everyone, and here they solve a huge problem of a huge number of people with the help of his hobby and passion.
So he was working on his passion without thinking about any reward but as he was polishing his skills he got the idea and today they are helping huge numbers of people.
And also he didn’t wait for the perfect idea rather he was working so a great lesson for you guys do not wait for the perfect idea to start your work and the idea will come to you.
Execution Time
Now they have a great team and idea so now the thing is how to execute their idea so then they decided to target the UPSC segment as the market was quite big there and also coaching institutes charge huge amounts for the classes and also Roman Saini was a pro on that segment.
So they kept uploading the videos and Unacademy became one of the top Education YouTube channels of India.
And at the same time they started working on building a great website of Unacademy and finally in the year 2016 they launched their website.
As Gaurav Munjal and Himesh Singh already run a successful company so they know how to handle a team properly.
And they got the advantage of their talent and they started scaling at a very rapid pace. So they have launched their website and started getting a good amount of traffic.
USPs
There are many different videos on YouTube that are completely free and also if you want to take paid courses there are Udemy and Udacity so what Unacademy did to make the experience of every stakeholder great.
The first focus on education and they have an aim that any good teacher can come and teach the students and also a good teacher always wants to teach large numbers of students.
They have built a very simple access tool that educators can start using in very little time.
As they already raised some funding so they decided to pay to educator the more views an educator has the more he will get and also educators now don’t have to go to any coaching institutes and they can teach from their own place.
Now they have built a great experience for the educator and now they have to build a great experience for their customers and for the students.
Now students also get experience with Unacademy as they can learn from their homes, which will save their time of traveling.
They can learn across any device and also from their home they can learn from India’s great teachers.
And last but not the least in their platform you can ask the doubts, do quizzes, give mock tests and many more.
Started Paid Course (Unacademy Plus)
As everyone is very happy with their services they started raising fundings and in the year 2016 they raised their seed funding and then kept on raising funding but till now they were providing free content but investors wanted the company to be profitable.
But as they were providing many things for free why would anyone pay them for their subscription model which was Unacademy Plus.
So for that they build many differentiating factors as they started daily live classes which means you can ask your doubts live and get the answers immediately.
Here you will not only get the videos on topics but here top educators have developed the syllabus according to the exams.
You can give a live test and can assess detailed analysis which will help you to analyze which part of yours is strong and which one is weak and where you have to work more.
So now the most awesome feature is if you buy a subscription of a specific exam you will get access to all the educators and not only a single one.
Like if you don’t like the teaching style of someone you can skip to another teacher that means your money is not wasted.
And the next great feature is you pay for a single month here which means you don’t have to pay a huge amount at one go which also builds trust.
Like you will buy their subscription as you have heard a lot about them and also they are not very expensive and once you like their product you will start learning from their platform and that’s how they are building a huge empire.
Conclusion
So if you see right now they have 32 exam categories in their platform and they will soon add more categories so they are growing at such rapid growth because of their awesome ideas and services.
And I hope you must have learned a lot from the article and please do let us know what you feel about Unacademy and if you have any questions then feel free to ask in the comment section