Cultext
Cultext is the most affordable textbook exchange platform for test-prep and college students in India.
Cultext is a web-based application where users can
- BUY
- Buy New and Second-hand textbooks at the lowest prices in the market and save up to 60% of the textbook MRP.
- RENT
- Rent textbooks for as few as 30 days and up to 6 months and further at very minimalistic prices and save up to 90% of textbook MRP. In addition to this, we provide
- Auto up-gradation of rental periods
- Auto purchase of rented textbooks anytime, anywhere
- Free Doorstep pickup at the end of the rental period
- Rent textbooks for as few as 30 days and up to 6 months and further at very minimalistic prices and save up to 90% of textbook MRP. In addition to this, we provide
- SELL
- Make money by selling their used & discarded textbooks from the comfort of their homes. For the buyback, we provide:
- Live price quotations to compare with the market prices
- Free Doorstep pickup, and
- Best price in the market
- Make money by selling their used & discarded textbooks from the comfort of their homes. For the buyback, we provide:
The overall solution helps students save up to 67% of their current total expenditure on textbooks while providing convenience, affordability, accessibility and choice.
According to a recent survey, there are 1 out of every 8 students in India drop out of schools and colleges in India before completing their programs due to unaffordability and the rising cost of education.
When we deep-dived, into this problem we realised that the unaffordability of textbooks plays a major role in this as it contributes to 20% of the total expenditure on studies students make in India.
So, during our research, we found that the unaffordability of textbooks is a major concern among students. Secondly, there is no platform that allows you to rent textbooks as per your wish and choice. Third, there is no place to sell your used textbooks and finding a legitimate price is a tedious task both in terms of time consumed and manpower involved. And, lastly, there is no such platform available in India that addresses all these problems right on a one-stop platform.
Source(s): 1) https://theeducationdaily.com/...
Our niche customer segment is test-prep and college students.
In India, there are 59.3 Mn number of students(XI-XII and above) who will buy our service at Rs 2532 per year.
This translates into a market potential of USD 2.1 Bn per year.
Demographics:
- Students aged 15-25
- Funded by their parents
Psychographics:
- Busy study schedule
- Books are of utmost importance to and have no choice but to pay even on a budget constraint
- Dedicated Students
Geographics:
- Reside primarily in educational hubs of India
- Metro, Tier-I and -II cities
Behavioural:
- High readiness for cheaper and convenient solutions
- Will become loyal if provided with the same and become a word-of-mouth agent for our services
Our solution provides accessibility, affordability, convenience, choice and financial inclusivity. The solution has been designed in such a way that it caters to the needs of a student based on its need and budget.
The overall benefit is that students are able to save and make a considerable amount of money which helps them reduce their textbook expenditure significantly. Also, it provides convenience and saves time for students which helps them focus more on their studies.
We did our idea validation back in November 2020. We surveyed around 100 students. The surveyed population's age group was 16-24, and most of them were college students, competitive exam aspirants, and avid book readers.
We asked them a few questions regarding the current textbook market and affordability and the key learning from that survey are:
- Around 68 per cent of participants thought that the existing book market is inefficient in terms of the choices available and the pricing of books.
- Around 89 per cent agreed that libraries aren't efficient enough and lack sufficient inventory to meet their books needs and they need a service that allows them to rent textbooks as per their need and budget
- When it comes to selling their books, 89 per cent of respondents felt that there is a lack of a market that is easily accessible and pays a fair price for their books.
- Around 96 per cent agreed that there is a need for a dedicated online platform for books that covers all of the bundled services.
We also launched the beta version of our web application(in Oct 2021) and we've taken a considerable amount of feedback from our users/customers to improve on our solution.
- Improving learning opportunities and outcomes for learners across their lifetimes, from early childhood on (Learning)
- Pilot: An organization deploying a tested product, service, or business model in at least one community
Our current solution stage is 'Pilot'.
The reason to select this stage is that we are still testing out our product among the students of Bhopal city situated in the Madhya Pradesh state of India.
The number of students reached out to date are 87.
- A new use of an existing technology (e.g. application to a new problem or in a new location)
We are a web-based application that simplifies students' lives by providing them with solutions based on their budget and needs.
We use predictive analytics to keep up our inventory to meet increasing demand from the students' end. In this way, we offer the lowest priced option to the students very conveniently.
We use advanced UI and UX features to enhance the user experience throughout their journey.
We plan to use Machine Learning and Artificial intelligence to predict the price quotations for the students looking to sell their books instantly. This will save them a lot of money and make money easily.
Lastly, as we grow, our plans are to include Blockchain in supply chain management to reduce the lapses and deliver the best possible customer service.
- Software and Mobile Applications
- India
Currently, there are 15 paying customers and 87 users of our beta launched web application.
We aim to increase this number to 30,000 by the end of 2022 by reaching out to students in the 10 major educational hubs of India.
In the subsequent year, that is by the end of 2023, we plan to increase this number to 1,98,000 by reaching out to students in 25+ major cities in India.
The impact goals for the next year are to help 30,000 students save up to 70% on their total textbook expenditure and make up to 30% on their used books reducing their education expenditure significantly.
Since the textbooks will become much more accessible and affordable, more students will be able to focus on their studies; without worrying about fund crunch and thus, higher education becomes more accessible and affordable for Indian students.
We measure metrics like the number of students reached out during a fiscal year and how much they've been able to save and make money through rentals, purchases and buybacks.
With this, we aim to find how many students have been able to focus on their studies(reduced dropout rate/increased enrollments) due to the reduced expenditure on textbooks/reduced financial constraints.
There are financial and market barriers for us to achieve our goals.
To achieve our goal of reaching out to 30,000 students by the end of 2022, we require an investment of USD 250 K.
Apart from that, it isn't easy to reach them in 10 different cities as the logistical costs are too high and the geographies are too apart. Thus, the location of students is also an issue as to reach out to each and everyone; we'll require a sound logistical and expansion policy.
Our team is comprised of students and professionals of versatile backgrounds. As a full-time member cum founder, I bring the proven-skills such as project management, business operations and software development to the table. Previously, I have received felicitation from Wadhwani Foundation and certification on creating a successful venture.
The head of marketing has been a senior marketing specialist at Swiggy-India previously and brings on the best marketing solutions and proven strategies on board which helps us reach out to the maximum number of students with minimum expenses.
Other members of my team who work part-time or as consultants to us have previously worked for unicorn businesses such as Swigyy, Instamojo, and Oneplus. They contribute to marketing, product management, and field operations. The most crucial point is that everyone onboard directly relates to the problem, which is why we are the best choice to address it.
We have currently partnered with all the major textbook vendors of Bhopal, who act as suppliers to us which helps us in fulfilling the orders on time and managing our inventory. We've signed MoUs with them and as and when the order comes, we take it from the vendors and deliver it to the end customers.
We have Hipster Software Solutions Pvt Ltd(a Singapore headquartered software development company) as our technology partner who works on application development. We collaborate with them via virtual meets and develop the solution.
We plan to partner with local libraries and coaching institutes as well to provide the solutions to as many students as possible.
- No
N/A
- Yes
Our solution is an endeavour that not only makes education affordable and accessible to all the students in India but also, focuses on increasing their financial inclusivity in society.
We'll use this fund to scale our solutions to more locations and educational hubs in India making the textbook exchange more accessible, affordable and convenient for all the students.
