Education+tech is a thing of the past. Now investors want education minus tech

$10 billion.

That’s how much capital poured into India’s edtech sector during its peak boom years of 2020 to 2022. To put that eye-watering number in perspective, it’s larger than the entire GDP of neighbouring Maldives and over three times what the sector raised in the previous 15 years combined. It’s also more than the total equity funding raised across all Indian startups—across sectors and stages—so far this year.

It was a staggering bet on the promise of tech-led disruption in one of India’s most underserved markets: education.

Now, hardly anyone in the venture capital world wants to talk about it.