Melvano (An Adaptive learning platform for JEE and NEET in 2024)

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B2C, edtech, EduTech, indian startups, Internet, SaaS, services, Startups, startups in india Jul 2, 2024 0

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Melvano is an ed-tech startup founded by Taran Singh in 2018. 

What is Melvano?

Melvano is an adaptive learning platform that uses artificial intelligence to create personalized learning paths for students based on their strengths and weaknesses.

Melvano offers comprehensive courses and practice papers for JEE and NEET covering all the concepts likely to appear in the exams.

Melvano’s vision is to provide affordable and quality education for everyone, especially for those who do not have access to coaching centers or expensive books.

Melvano’s mission is to empower students and help them learn efficiently, saving time and money.

Startup Melvano
Website melvano.com
Founded 2018
Headquarters Bengaluru, India
Services Software as a Service
Revenue Model B2C, Saas

How did it start?

Back in his college days at IIT Madras, Taran the founder initiated what would later become a groundbreaking startup named Melvano.

The spark that ignited this venture was the realization of a prevalent problem among students preparing for competitive exams like JEE and NEET. He brainstormed and tried to solve the problems students face while preparing to crack these spine-chilling exams.

The challenge was colossal – a limited timeframe, numerous concepts to grasp, and the intense pressure of cutthroat competition with no social life. The conventional approach to learning seemed outdated and inefficient.

This IIT M graduate leveraged AI and machine learning to recommend customized practice questions and learning pathways.

Melvano Overview

Melvano flyer

Melvano- Reply to the traditional educational system

A century ago, students studied from the same set of books, and despite the advent of technology in the last decade, the shift to online platforms lacked innovation.

This AI-based startup emerged as a response to this stagnation, aiming to bring personalization to the forefront. The emphasis was on spending time where improvement was needed, ensuring a more optimized and effective learning experience.

Melvano Growth rate

The first three years (2019-2022) involved a steep learning curve with little progress. The app was free and subscribers were enjoying the free version.

Significant progress and stable revenues were achieved in the last six months of 2022 when they introduced paid subscription plans for premium features.

Sales turnover

Monetization for the venture began recently in 2022, transitioning from a completely free model. At present Melvano earns revenue from free users through ad views and from paid subscribers with monthly or yearly subscriptions. The application and its courses have been accessed by 3 lakh users since its inception till date.

Revenue model

Melvano operates under a freemium model, offering basic features for free with ads. And the revenue is generated by running the ads.

Premium features such as test papers, AI recommendations, assessment tests, and videos are part of the paid plan. The subscription for the paid plan, known as Melvano Plus, costs around 2000 INR per year.

From Practice to Learning Hub

Initially, Melvano started as a practice app, offering a question bank and test papers. These resources were optimized using custom algorithms to cater to individual learning needs. However, recognizing the diverse requirements of students, this practice app evolved into a comprehensive learning app.

At present it provides video lectures, examples, question banks, exercises, and test papers, positioning itself as a one-stop solution for JEE and NEET preparation.

The Affordability Revolution

One of the distinctive features of this solo founder startup is its commitment to affordability. The name itself, derived from the Tamil word Malivana meaning cheap or affordable, reflects this mission.

The founder highlights making quality education accessible to all, countering the exorbitant fees charged by traditional coaching centers. With a subscription cost of around 2000 rupees per year, Melvano stands as an affordable alternative, making it a game-changer in the space of competitive exam preparation.

Melvano sceershot

Challenges and Learnings

Growing and learning are what make one sustainable. Finding product-market fit and monetizing the platform were the initial challenges that this affordable learning platform faced.

Experimentation and customer feedback were crucial in refining the offering and pricing strategy. Working on them to stay in the market was the thing Taran took positively.

He drew the key learnings out of the challenges as the importance of building a valuable feature exceptionally well and focusing on sustainable monetization.

Team

The team at this solo founder startup comprises around 20 full-time members and a total of about 50 including part-time workers, freelancers, and agency partners. Core team members include heads of sales, marketing, technology, and design/production.

Competitors

Main competitors for this ed-tech startup include Unacademy, Physics Wallah, and to some extent Byjus. Physics Wallah is considered the most direct competitor due to similar pricing and features.

Business Model

In 2019, the startup started as a free app, providing learning resources without any charges. Even during the pandemic, more than one lakh students availed themselves of Melvano’s offerings for free.

In 2022, they transitioned to a freemium model with free basic features and a paid subscription for premium features like AI recommendations and video lectures.

Expansion Plans

The plan to scale would be totally through a focus on upskilling via Skillbary by Melvano, a B2B SaaS product addressing the gap between college education and job-ready skills.

To stick to the continued growth in the competitive exam segment with a focus on JEE, to be the only app students can rely on for practicing the probable questions.

Another important aspect of building the company is to raise funds in 2024 to accelerate expansion.

Melvano Funding

Initial funding until 2020 was around 50 lakhs, but in the last three years (2020-2022), Melvano raised over four crores, totaling half a million dollars.

Melvano Founders

Taran Singh is the sole founder and CEO of the startup and is working on the mission to revolutionize the education industry with the learnings backed up by AI technology. Taran is an engineer by education and founded the company when he was studying at IIT-Madras.

Awards received

This customized learning platform has received multiple awards and recognition for its innovative and impactful approach to education. Some of the awards Melvano has won are:

1) Shree Chinmai Deodhar Award from IIT Madras.

2) Head Next Award for Best Startup from WPS.

3) Top 10 Startups in EdTech Award.

4) Nomination for Influential Leader of EdTech.

More

What is the base location of ed-tech startup Melvano?

The ed-tech startup Melvano is based out of Bengaluru, India, and was founded by Taran Singh, IIT Madras alumnus.

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