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If you believe what you read on Twitter (especially RJ), the social media company was Aaqua. Assuming that's true, the Aaqua platform isn't even launched yet (try downloading the Aaqua app from App store - you'll see a bird flapping it's wings ready for take-off in 2022). So, it was hard for me to see how this company could guarantee Dev $10m rev this year, without even having a platform up and running. When the new 'JV' was announced, I suspected this was a result of the delay in the social media platform launch and the inevitable renegotiation that would have to follow (hence, delayed accounts etc.).
Whilst it's easy to see this as a loss of $50mil revenue, I actually feel relieved today that we are out from under the feet of some potentially dubious characters. The CEO of Aaqua is Robert Bonnier, of Scoot fame (google it - he comes across as a bit shady, to say the least). I believe there are much bigger fish to fry out there for Dev Clever and I expect we'll be hearing much more about this over the next few months. The figures quoted in today's RNS's all point to exponential near term growth in India.
Was feeling a bit nerdy today, so I knocked some figures up on a spreadsheet. It shows the % increase in follower count on LinkedIn over the last couple of weeks (LinkedIn is a very popular platform in India). Dev is second only to PW, who are the most recent Indian EdTech unicorn.
Company %Increase in followers
Physics Wallah 8.98%
LaunchMyCareer 4.08%
Byju 1.49%
LEAD School 1.03%
Vedantu 0.90%
UnAcademy 0.81%
UpGrad 0.69%
WhiteHat Jr 0.64%
Womo, I'm going to give that some thought, a lot to digest today!
But, I suspect to a large extent the Indian project will quite soon become (if not already) self-funding.
Don't forget we'll have the App store coming on-line soon with loads of STEM resource to purchase...and that's Ka-ching!
We've got 200 career councilors on the books, who'll be bringing in a sizeable income, so that aspect will certainly be self-funding.
Most important thing today is we've only rolled this out to 2,000 schools out of a total of 70,000 NISA affiliated schools.
We already have 1,000,000 student accounts ready to be activated, with only 2,000 schools enrolled so far.
As the school enrollments now start to escalate, following the market validation campaign, the student accounts will number in the multi-millions, and as Robert says, this is only the NISA side of things. We've got all the B2C enrollments to come on top of this.
It's a dilution TR1.
Total shares in issue are now 829,114,274 after Veative's new 225,000,000 were added today.
CJ still owns 152,114,069 shares (hasn't disposed of any), which represents 18.35% of the new total shares in issue.
Before today, there were 604,114,274 shares in issue (so, previously CJ's 152,114,069 shares represented 25.63% of total shares in issue).
Not sure the idea is to make money out of these big firms, though there might be something in it down the line. The most important thing is that it makes the sales pitch that much easier when you can drop these big names into the conversation. Makes it a much more attractive proposition for schools and academies. I would expect they’d pay for the filming, if not at least go halfsies :-)
Just noticed that Butlins have signed up too.
https://www.linkedin.com/posts/the-inspirational-learning-group-limited_launchyourcareer-launchyourcareer-activity-6953649377978556416-jDzr?utm_source=linkedin_share&utm_medium=ios_app
Wow! What a fantastic day for many of our Year 10 students, experiencing the My Perfect University workshop delivered by @TILG_UK
https://twitter.com/mannix_mr/status/1547667182431006722?s=12&t=NMcKY2ICNbDUtnBfeTBDvA
Momentum seems to be really building for TILG & LaunchYourCareer. Such a unique product and it seems like schools/academies are crying out for this kind of platform.
https://www.linkedin.com/posts/jon-hering_launchyourcareer-innovation-careerseducation-activity-6953663452523450368-MA--?utm_source=linkedin_share&utm_medium=ios_app
Hmm, sorry, make that Tescos, Nat West & DPD.
https://www.linkedin.com/posts/the-inspirational-learning-group-limited_launchyourcareer-edtech-education-activity-6953287355982073856-gziV?utm_source=linkedin_share&utm_medium=ios_app
Debate in Parliament yesterday regarding a bigger push for career guidance in schools and connecting employers with school kids at an early age (e.g. Tescos, Nat West -:))
“Although the Careers and Enterprise Company has done some excellent work connecting schools and businesses in some areas, including schools in my own, only half of heads report that their schools are part of the CEC careers hub. That clearly needs to be scaled up. “
https://www.linkedin.com/posts/activity-6953161137873932288-MCrP?utm_source=linkedin_share&utm_medium=ios_app
LaunchYourCareer are down at Tescos today, filming VR content for the LYC platform. Some pretty big names are signing up!
https://www.linkedin.com/posts/jon-hering_launchyourcareer-behindthescenes-vr-activity-6952948697714319360-Hvk3?utm_source=linkedin_share&utm_medium=ios_app
Not worried about the re-listing barnard. After his meeting with Chris, Robert Johnson suggested Sep/Oct would be a good time to re-list. Was there a nod and a wink? I agree with Robert on his timescales. It would not be wise for me to expand on why I agree.
Regards the accounts, it is annoying that there’s no news on that front, or at least that it was promised and not delivered mid-June. A private Ltd company have 9 months after year end to present accounts. So, Dev Clever Ltd aren’t even late on that front (due end of July). A PLC have 6 months as far as I understand. If they’re late, the company gets fined (£7,500). So, Dev Clever Holdings PLC will be fined. It’s only in extreme circumstances that a company would be struck off. Not sure of the timescales on that, but I expect it’s something like being over a year late, if not more.
Relax barnard, there is no way this company is ever going to be struck off. You can be assured that Chris bats with a straight bat, although one or two people may be having a quiet word with him about priorities :-)
And it’s no exaggeration to suggest they maybe oversubscribed. The potential numbers in Asia generally are mind boggling. Came across a Vietnamese company founded last year called Azota who just raised $2.4m in pre-Series A funding. Not a particularly huge amount, so not that big a company you’d assume. Then read this:
“ Founded last year, Azota now counts 700,000 teachers and 10 million students in primary, secondary and high schools among its users. It says that during peak test periods, it serves more than six million users each month, or about 30% of the total number of teachers and students in Vietnam. ”
Their USP being creating and grading tests, ours being career guidance. They’re over reporting the numbers maybe, but it just gives you an idea of how quickly things can take off in these markets.
https://techcrunch.com/2022/07/05/azota-is-solving-exam-headaches-for-vietnams-teachers/
Funny, I was just looking at that myself Fraryan. LMC just posted 8 new jobs on LinkedIn today, so maybe that accounts for part of the big jump? (Usually goes up by 50/60 a day). Either way, it’s gone up well over 1000 in a few weeks. NISA still pumping out the LMC ads, but LMC themselves have paused the campaign this last week. It does make me wonder if they’re getting oversubscribed with students and want to slow things down a bit until they get properly staffed up.
Impressive guest list at the Birmingham show. Nick Jenkins, founder of Moonpig has just been on stage chatting to Jason Manford.
Looking like a Rolling Stones gig! Just need Chris ‘Jagger’ to take centre stage now.
https://twitter.com/tilg_uk/status/1545017136501981184?s=12&t=6YBLqtoRmGwJtdHmq3MLXg
There you go Spks, Chris has just arrived at the Birmingham ICC, if you want to have a word :-)
https://www.linkedin.com/posts/chris-jeffries-394577143_tlig-ncc-devclever-activity-6950754149579800576-htB_?utm_source=linkedin_share&utm_medium=ios_app
We’re finally here at the @ICC Birmingham!
Our team couldn’t be more excited to host The National Careers Challenge Finals 2022, the first in person finals for 3 years. It’s sure to go off with a bang!
https://www.linkedin.com/posts/the-inspirational-learning-group-limited_tnccfinals22-activity-6950720133174591488-X0Fv?utm_source=linkedin_share&utm_medium=ios_app
https://www.linkedin.com/posts/the-inspirational-learning-group-limited_tnccfinals22-activity-6950726837996032000-c-r_?utm_source=linkedin_share&utm_medium=ios_app
The global #Edtech market size was valued at $106.46B in 2021 according to @GrandViewInc, and is expected to expand at a compound annual growth rate of 16.5% from 2022 to 2030.
Asia Pacific, in particular, is anticipated to register the fastest CAGR of 19% during this time.
https://twitter.com/engelmann_ar/status/1542436541431152641?s=12&t=wPTuDG-5r9NGlT3gvra6KQ
You’re right LL, I made the assumption that he came of his own volition and wasn’t kidnapped :-) I take your point though, there can be many reasons why people change jobs, but I’m allowing myself to believe that it’s the momentum that’s building up over there in India that’s attracting these people.
Just to add, another former Whitehat Jr/Byju Director-Teacher joined LMC in May just gone. I would post her details, but I’ve run out of free profile searches. Might upgrade to premium and post her profile later (n.b. as far as I’m aware, she wasn’t caught in flagrante with the office caretaker).
Now showing 304 employees. Increasing exponentially! Hopefully one of them will be an accountant and help get the year end accounts finished :-)