VipKid: Online Education Startup with 500,000+ students and 60,000+ teachers.
The teaching learning process has reached a new height. With the advancement in technology and personalized courses there are many online learning platform. Among them VipKid is one of the most popular platform which connects teachers and students.
What is VipKid?
VipKid is China largest online education startup which provides real time one-on-one English learning classes. VIPKid connects Chinese students with fluent English speaking tutors in North America and Canada.
Currently valued at over $ 3 billion, the company operates in 35 countries, has 500,000 plus students and 60,000 plus teachers in its platform.
How it was Started?
The company was founded by Cindy Mi, a school dropped out in 11th grade, in 2013. Mi had deep interest in English from her childhood and worked as a teacher for 10 years.
As an entrepreneur her 1st business venture, a brick-and-mortar tutoring service, was a failure. This initial failure inspired Mi to establish an online-focused English teaching service.
Initial Challenges of VipKid
The startup was not an instant hit. Online classes were not popular at that buy discount ambien time . Online learning model was not familiar with parents and kids. “The biggest challenge was convincing parents in China that online teaching is effective”, recalls Mi.
The company had to create entirely new market and build trust through learning outcomes, curriculum and teaching quality . Nearly 70 per cent of new VIPKid customers are now coming from existing parent referrals. The company charges Rmb130 (£15) for 30 minute one-on-one video sessions focused on a US curriculum.
Online education is such an amazing opportunity in this era where we can leverage technology to change the way children learn,” says Mi.
Growth of VipKid
The company is expanding in its courses and and using AI tools to penetrate its services in 100 countries in next few years. The Beijing-based startup raised $500 million in 2018 in series D+ funding at a valuation of over $3 billion.
With online education market predicted to reach US$190 billion next year, according to data from iResearch and Decebo, VipKid can expect exponential growth in next few years.
