Akshay Munjal, Founder and CEO, Hero Vired
A couple of years ago, as he was driving along the roads of Saket, the hustling upmarket business district in New Delhi, Akshay Munjal came across a few advertisements. ‘Wanted: Graduates or engineers to drive luxury cars’, said the posters stuck across boards near Select City Walk Mall in Saket. Munjal, the grandson of Brij Mohan Munjal, founder of the $5 billion Hero Group, was already a founder at the seven-year-old BML Munjal University in Gurugram, and the man responsible for the group’s education foray in 2014. “I still have a photo of that poster,” says Munjal. “By the way, the poster is still there in some places in Saket and its nearby area. The reality is that a large percentage of our graduates, whether engineers or management graduates, and others are unemployed or underemployed. Somebody is working as a driver after graduating in engineering. To me, that's not commensurate to the skills they have.” For many years now, India, which has half of its population below the age of 25, has been grappling with concerns around the quality of its graduates entering the workforce. Every year, as many as nine million graduates finish their education, either ready to join the workforce or pursue higher education. Of this, however, just about 46 percent of graduates are employable, various studies have suggested, raising significant challenges for companies. About five years ago, that number stood at around 33 percent. “Since I was a part of the higher education sector in India, I took it personally,” says Munjal. “First, we put a team within the university to see what we can do to fix the problem. But we realised that it will create so much confusion within the university. Universities are centres of knowledge and the role of a tier-one university in India and globally should be to create knowledge.” That meant, Munjal and his team had to look elsewhere to find solutions. Over the next two years, they put together a team that identified jobs of the future in collaboration with the industry, and tied up with “some of the best universities” in the world to develop programmes. “We don't consider ourselves an education technology company,” says the 40 year old. “We consider ourselves as a learning company that uses technology and many other tools to make learning effective.” On April 13, exactly 65 years after his grandfather set up Hero Cycles, Munjal set up Hero Vired, an online learning platform that offers an end-to-end learning ecosystem for professional development, and makes them industry-ready for employment. For now, the company is targeting three categories of students, those who have passed class XII and in the process have become an alternative to what Munjal claims as “tier 3 and tier 4 colleges in the country” in addition to fresh college graduates and working professionals looking to upskill. The company hasn’t ruled out a possibility of entering the lucrative K-12 segment, which has seen the likes of Byju’s, Unacademy and Toppr slug it out in recent times. India’s edtech industry has been flush with funds with money from venture capitalists in recent years, pushing the sector into one of the most sought-after businesses in the startup ecosystem in the country. Vired, Munjal says, offers interactive support, peer-to-peer communication, and engagement-driven online instructor-led classes, and the areas of learning range from certificate programmes in finance and related technologies to integrated programmes in data science, machine learning and artificial intelligence in addition to full-stack development, game design, and entrepreneurial thinking and innovation. The platform has partnered with the Massachusetts Institute of Technology, Cambridge, and New York-based Codecademy, among others. “We conducted an exhaustive survey, and came up with a set of jobs, which are required today and expected to continue being hot for the next five years,” says Munjal. “The big picture we're trying to solve is one of employability and under employability.” Hero Vired will offer programs for class XII pass outs, college graduates and working professionals with industry specific programs; Image: Xavier Galiana/ AFP What’s the plan?