Earlier this month, Byju’s—the lone unicorn in Indian edtech—hit a massive milestone. In a press release, the company announced that it had turned profitable, achieving a net profit of Rs 20 crore ($2.8 million) on revenues of Rs 1,341 crore ($187.7 million). Over the past decade, Byju’s, its purple and white logo, and its ever-expanding arsenal of teaching tools have become synonymous with India’s edtech scene. Circa 2010, however, there was a very different sheriff in town—Educomp.
Today, Educomp is a withered husk of its former self. Its market capitalisation—a grand Rs 7,000 crore ($980 million) in 2009—has shrunk to Rs 11.63 crore ($1.6 million).