Education tech company KNeoMedia (ASX: KNM) is set to increase its global reach to the 1.5 million schools in India via an exclusive licensing agreement with Indian-based firm Augustya.
The agreement will give Augustya exclusive rights to market and sell KneoWorld technology in India with KNeoMedia to receive approximately $40 for each seat licence sold.
With more than 1.5 million schools in India covering Kindergarten to Year 12, there are more than 250 million students enrolled, of which 100 million are educated in private schools which are not dependent on government funding and will consequently be the target market for Augustya and KNeoMedia.
“This licensing agreement with Augustya is an outstanding development for KNM. It allows us to capitalise on a huge market with a well-connected and credentialed local team that have excellent in-country contacts and established channels to market,” said KNeoMedia CEO, James Kellett.
“The speed with which they have introduced the first quality sales opportunity reflects this.
“The agreement has been structured in a way that Augustya is well incentivized to drive sales growth.“
Having already developed content for the Indian education system, KneoWorld is currently being trialled by 80 teachers and administrators at an international school in Mumbai with KNeoMedia expected to secure sales in the coming weeks.
The founding team at Augustya, Krishan Rattan, Ajoy Veer Kapoor and Vasavi Vittal have successful track records in investment management and private equity in the UK, India and other emerging markets.
Since the breakout of the coronavirus pandemic, there has been heightened attention around education technology solutions with schools engaging in distance learning where possible.
The KneoWorld platform is a story-based and game assessment learning program that provides engaging and effective ways for students to process and apply academic skills and concepts which is fully compliant with child online privacy protection.
The company expects to update the market next month on their progress in the United States.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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