Sramana Mitra: So who were these corporate customers? The corporate customers were not for this hiring interviewing tool. Then, you were selling something else besides this product, right? Josh Jones: Yes, we had a number of customers that we talked to that expressed interest. The first interesting customer was one of the largest consulting firms
Sramana Mitra: This is very interesting. The way you’ve stepped through the line of thinking of why you’ve arrived at these decisions is very instructive. Where are your schools? Pallav Pandey: All over India. These schools are very different from typical SME clusters. SME clusters are very local. That is not how schools are. Schools
Sramana Mitra: Education is the only passport to get to the next level. Pallav Pandey: Absolutely. Everybody in India is very clear that if I have to go to the next level, it is my child who can take me there if educated properly. People are spending on education. If you are able to do
Pallav Pandey: Then we had another divine intervention, I would say. He started collecting whatever money was due from schools so that he can pool up whatever was left. He said, “There is one school in Delhi which was opposite to your house. They were supposed to pay us some amount. They’re not paying us.
Sramana Mitra: I have coached and mentored hundreds of thousands of entrepreneurs. As a rule, I advise people not to follow this principle of releasing a free app or any kind of free service thinking that we will figure it out later. I want you to hypothesize that you are going to do a free
Sramana Mitra: Talk about financing. Before the pivot, you raised $3 million. What happens after the pivot? Felix Ohswald: We raised $600 million in all. Sramana Mitra: What was the next round immediately after the pivot? Felix Ohswald: We pivoted in 2019. We had 12 months where we tested out a couple of things. At
Sramana Mitra: You said you talk to parents to map out a journey. Can you double-click down on that a bit? How much tutoring does a family require? Felix Ohswald: On average, a family consumes eight sessions per month. That’s two sessions per week. One session is about 50 minutes in our case. On average,
Sramana Mitra: What about Indian companies? There are a whole bunch of players that are doing really well like CueMath. Felix Ohswald: Two markets that have always been quite advanced when it comes to education businesses are India and China. China had some regulation changes last year that made it difficult for these businesses to