The product which was formally launched earlier this year has over 5,500 users, including 25 companies. "We have a revenue model wherein we earn a fee, each time a learner purchases a paid training activity or the trainer purchases a learning app for a specific session," said Kumar.
The breakthrough for the two-year-old venture happened after large companies began to sign up for the product. Customers include corporate companies such as L&T Insurance andMahindra Vehicles as well as corporate training institute Seed Infotech which signed up in April. "Wiztango has helped us get involved with the students informally and initiate discussions through an online social platform," said Narendra Barhate, chief executive of Seed Infotech.
So far, Wiztango has earned revenues of about Rs 2.5 crore. It expects to earn around Rs 5 crore by the end of the year.
Mamoru Hayashi, CEO of IT Innovations Japan, said there is a huge opportunity for businesses that focus on social learning in India. "There is a huge population of youth and increasing demand for quality training. So the opportunity is big," he said. Jain, who is preparing to raise further rounds of funding, is planning to launch operations in the US by the end of the year. "By 2014, we expect to launch operations in China and the UK and are planning to raise Rs 25 crore to fund the expansion," he said.
