Hyderabad: byteXL, one of the leading experiential learning platforms for IT career aspirants, today inaugurated its new office in the Hitec City area in Hyderabad. The fast-growing startup will operate out of its newly opened office at the iLabs Centre in the IT cluster. Spread across an area of 3,200 sq feet, the office will accommodate up to 75 employees. The office will play a significant role in product development, R&D and Innovation.
The company is on course to increase its employee base from the current team of 163 full-time employees and consultants to 250 by March 2023. It is also working with over 90 institutes training 1,00,000 students from 7 Indian states on new age technologies including Cloud, AI, ML, DevOps, FullStack Development, and Cyber Security through a Hybrid Learning Platform and guided Career Accelerated program.
Commenting on the office expansion in Hyderabad, Mr. Karun Tadepalli, Founder and CEO of byteXL said, “byteXL is continuing to grow as it is entering new geographies and signing up more institutes. In order to serve our growing customers, we are aggressively expanding our teams, and, therefore, this new office will help bring all the innovative bright minds together. We are on course to witness high growth in institute tie-ups by reaching 175 institutes overall and 2.4 lac students, thereby recording 100% and 140% increase respectively.”
The company has already raised $ 1.2 million in funding from US-based investors and is aiming at achieving a 400% increase in revenues by targeting US$ 11 million for the financial year 2022-23. byteXL has also signed a Memorandum of Understanding (MoU) with Microsoft to impart training to students from tier 2 & 3 educational institutes across the nation in new age and emerging technologies under the pan-India initiative – ‘XLerate’, supported by the All India Council for Technical Education (AICTE). These would play a critical role in not only enhancing the ‘Employability Quotient’ of students but also help in the transformation of the institutes and empower them to produce quality industry-ready talent in the long run.
According to Statista estimates, the market valuation of the Indian Edtech industry was US$2.8 billion in 2020 and is expected to reach US$10.4 billion by 2025. In the skill development category of edtech, it had estimated the market size to be at US$ 260 million, increasing to US$ 730 million by the year 2025.