Bangalore, November 12, 2024: Edtech startup Stoa, backed by prominent investors Nithin Kamath and Kunal Shah, has announced its closure after four years of operation. The company, known for its alternative six-month MBA program, cited a “perceptible dip in the interest for online live-learning” as the primary reason for its decision.
Stoa co-founder Raj Kunkolienkar stated that remaining online was crucial to fulfill their mission of providing affordable business education to a wider audience. However, changing consumer preferences post-pandemic led to a decline in user engagement with online learning platforms. While Stoa had built a strong brand, shifting to offline education wasn’t considered a viable option due to cost constraints.
This closure reflects broader adjustments in the edtech industry. The surge in online learning during the pandemic has slowed down, impacting user engagement and revenue for many companies. Stoa joins a growing list of edtech startups like FrontRow, DUX Education, SuperLearn, and Lido Learning that have shut down in recent years.
“It has been our privilege to serve over a thousand folks who have gone on to do amazing things,” said Kunkolienkar, acknowledging their impact on students.
Stoa’s co-founders are now charting their next steps. Aditya Kulkarni plans to share his “learnings from these 4 crazy years soon,” while Kunkolienkar will take some time off to “rest, think, and explore.”
While the edtech sector faces challenges, there have been some positive developments. Mergers and acquisitions like ALLEN acquiring Doubtnut and Adda247 acquiring Ekagrata Eduserv and PrepInsta indicate ongoing consolidation within the industry.
Read more at: https://yourstory.com/2024/11/nithin-kamath-kunal-shah-backed-edtech-stoa-winding-down