Degrees in hand, but are India’s graduates job-ready? Not really, a huge percentage of students who pass out from higher educational institutions every year are “not employable”. In a quick overview, Foxmula is an ed-tech company, with headquarters in Bangalore, providing Training, Certifications & Internships for the most in-demand domains like Data Science, Machine Learning, Asset Management, etc. Both Online & Offline.
All the programs are industry-oriented, keeping beginners and intermediates in mind. Everything starts from scratch. Read this article to know more about Foxmula, how it works, products, founders, tagline, business model, revenue model, future plans, wiki, and achievements.
Foxmula - Company Highlights
| Startup Name | Foxmula |
|---|---|
| Headquarter | Bengaluru, India |
| Sector | Ed-tech |
| Founders | Ayush Bansal, Shubham Sharda |
| Founded | 2018 |
| Parent Organization | Inversion Consultancy LLP |
| Website | foxmula.com |
About Foxmula and How it Works
Foxmula - Target Market Size
How was Foxmula Started?
Foxmula - Product/Services
Founders of Foxmula and team
Foxmula - Name, Tagline, and Logo
Foxmula - Business Model and Revenue Model
Foxmula - Startup Launch
Foxmula - User Acquisition and Growth
Foxmula - Startup Challenges
Foxmula - Future Plans
Foxmula - Recognition and Achievements
StartupTalky
About Foxmula and How it Works
Foxmula offers industry-oriented skills, global certifications, job placement courses, and exposure via industrial internships through its self-paced e-learning programs. The company aims to address the skill gap existing among undergraduate students that often leads to decreasing their employment chances once they hit the competitive world.
In the short term, the startup wants to create an ecosystem of job-ready students by promoting practical exposure and curriculum based on international standards of professionalism. Its short term goal is to refine services so that students can understand if they are willing to pursue a certain subject and make it their top career choice.
"Although we offer the most in-demand and growing domains of the industry, we do not want our students to commit a long time and effort without realizing whether they are strongly inclined to pursue a career option in that domain. Hence, our interesting mix of certifications and internships over 2-3 months is ideal to get the optimal window to make a career decision", says Ayush Bansal, CEO of Foxmula.
In the long term, Foxmula aims to emerge as the topmost learning platform for students who desire to make a mark in the domain of technology. They want the student fraternity to choose them over other tech platforms as the most credible name to upskill themselves in cutting-edge technology and implement those skills in the professional world. The company has plans to expand its processes and services in Dubai that also faces a similar demand-supply gap in the job market.
Use can use discount coupon code "FOX15" and get 15% discount for Foxmula's essential program.
Foxmula - Target Market Size
Though the Indian EdTech landscape is still at a nascent stage as compared to its global counterparts, yet most students and their parents have come of age to realize that one size does not fit all. Even ed-tech companies have transitioned from being a collator of study materials to an interactive platform providing students with career-shaping tools.
Foxmula targets students in the higher education segment who are interested in choosing a career in ever-expanding technology space. Its curriculum is built in a way that students can use the platform to not just hone their skills but also take a litmus test to find their own calling. Even the recent public health scare has given a positive thrust to the ed-tech companies as most learning schools are opting for digital platforms to continue imparting education.
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How was Foxmula Started?
The inspiration came from the founders' lived experience. Before founding Foxmula, Ayush and Shubham operated another start-up called Inversion Consultancy that worked as a service provider to help micro, small, and medium enterprises with their IT, PR, and HR needs. It was here that they noticed the skill-gap between the theoretical education that was imparted at college and the practical knowledge needed to survive in a work environment.
Even during their formative years, Ayush and Shubham, co-founders of Foxmula, got heavily influenced by mentors who attended to special learning needs and addressed their curiosity. Their love for certain subjects was more than others solely because of the teacher and his unique teaching methods. That made all the difference.
"The inspiration for Foxmula came from our understanding of the need to create measurable differences in students' engagement and performance. Our intention is not just to reduce gaps in the delivery of education but also to give a new dimension to the education space", recalls Ayush Bansal and Shubham Sharda.
Hence, this unique learning platform brings top-notch subject matter experts who impart their knowledge on complex fundamentals of machine learning, artificial intelligence, virtual reality, data science while clearing learners’ queries.
Foxmula - Product/Services
At present, Foxmula's offerings are divided into two programs - Foxmula X and Foxmula Y.
Under Foxmula X, it offers an intensive Bootcamp focused to solve the issue of underemployment. The program comprises online technology courses that are structured to train students and make them ready to hit the job market armed with advanced skills and confidence. The program involves industry-standard tests and exams, expert coaching from industry leaders and domain experts, resume building and mock interview preparations, accent neutralization, and personality development modules, and guaranteed job placement of 4 LPA at no upfront fee.
Foxmula Y equips students to learn and earn global certifications from eminent tech giants such as Microsoft, SAP, AWS, IBM, and MSMEs to name a few, that are recognized by multiple MNCs. Learners then get further opportunities to apply their knowledge on industry-led offline or online tech internships. This program is targeted at those who want to be proficient at cutting edge tech domains and have a fulfilling career in emerging technologies.
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Founders of Foxmula and team
Ayush Bansal (CEO) and Shubham Sharda (COO) are founders of Foxmula.
Shubham Sharda and Ayush Bansal are batch mates from the Ramaiah Institute of Technology (MSRIT). They both completed their engineering in information technology and came up with the idea of Foxmula when they were in the third year of college. They came up with the idea together and looked after every small factor to build the right platform.
The current company size is ~45 people. The company has department leads to handle all operational challenges, manage respective teams, and implement key business processes for the smooth functioning of the organization.
Foxmula - Name, Tagline, and Logo
Shubham spent sleepless nights coming up with a unique yet catchy name for the product so that it resonates well with young graduate learners, the company's key target group, and brings to life the brand voice as well.
Those who take up science courses for higher education revolve their lives around formulas since it is the fundamental element to solve most questions. Foxmula too is striving to solve a persistent pain point in the existing education system by incorporating smart and clever techniques to impart education. Hence, the name Foxmula.
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Foxmula - Business Model and Revenue Model
Foxmula works on a commission-based business model. It charges 17% of a student's salary on or above 4 LPA after they get placed post-completion Foxmula X program. For Foxmula Y, the program is priced in a very affordable bracket of Rs 20,000 to Rs 35,000 depending on the course material covered. Foxmula, bootstrapped with an initial investment of Rs 50,000, has clocked more than Rs 1 crore in revenue, in less than one year.
The startup's revenue model is structured on the two programs that it is currently offering on the digital platform. Since it offers guaranteed placement under the Foxmula X program, it charges 17% of a student’s salary for two years once he receives a job offer of 4 LPA or above.
Now, for Foxmula Y that involves 80-90 hours of intensive live sessions and training from expert industry mentors, the startup charges a fee in the bracket of Rs 20,000 to Rs 35, 000. This program also comprises internships from global firms. They have also tied-up with five international universities to impart subject knowledge to students opting for the Foxmula Y program.
Foxmula is also expanding this program to train resources from the B2B segment since reskilling them has become imperative for resource optimization of B2B companies. The revenue is divided into two segments. 60% of the profit is spent on trainer and employee salaries while the remaining 40% is saved for research and development and business development initiatives.
Foxmula - Startup Launch
The founders were lucky to be supported by well-wishers and friends who helped them build the products from the development stage, followed by editing learning videos, acquiring leads through word of mouth publicity. These set of friends acted as the core brand ambassadors and helped the company sail through during the days of inception.
"I remember we were eight of us including Shubham and me. We didn’t follow any specific strategy to ‘crack’ the first 100 users who saw value in our learning platform. It was an uphill task no doubt, but a very rewarding one", recalls Ayush about the startup launch.
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Foxmula - User Acquisition and Growth
Foxmula's primary focus was on enhancing the quality of its programs in terms of user experience, content, and support system. Then it expanded its ambassador network to almost every premium college in the country and sourced leads from there.
They did not resort to traditional online and offline marketing as they needed to reduce customer acquisition costs (CAC). The startup partnered with AWS, Certiport, SAP, and became a Microsoft Authorised Education Partner. It spent less on marketing efforts and relied on organic growth for sales conversions.
Foxmula - Startup Challenges
One of the key hurdles that the founding team faced was to earn the trust of target customers, that is, graduate students in the tech space. Since there is a recent boom in the ed-tech landscape, students too are often confused to put their money as they are unsure of the return on their investments. What worked best for Ayush and Shubham was that they, as founders, belonged to the same demography as that of the target customers.
"We knew the challenges of these graduates better than anybody else and could address them first hand. Of course, we undertook in-depth research to develop the quality of our products and with persistence could deliver a superlative experience to our enthusiastic career-focused learners. All this cumulatively played its own significant role in overcoming the initial hurdles and developing a differentiated product", says Ayush and Shubham.
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Foxmula - Future Plans
The startup will soon launch Foxmula Z where it will onboard product-based companies and upskill their employee base and recalibrate their roles. Its objective is to teach and develop existing employee strength so that they are prepared for progressive job roles and are equipped with new-age skills to address the needs of such technological evolution.
In the near future, it also has plans to launch a unique teaching technique that will reduce the need for rote learning that is present in India’s education system. This will be an exclusive, one-of-a-kind product and once it is developed, Foxmula will soon apply for a patent grant as well.
Foxmula - Recognition and Achievements
The startup is recognized as one of the top 100 startups by Startup Turkey and one of the top 9 ed-tech startups by TecLabs organized by Tecnologico de Monterrey, Mexico.
Link : https://startuptalky.com/foxmula-success-story/
Author :- Rishabh Rathi
July 08, 2020 at 11:27AM
startuptalky