Market Size Calculation (for franchise)

Market Size Calculation

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Approach Overview
The market size calculation has been carried out in two distinct segments:
  1. Senior Segment (Classes XI-XII & XII Pass) - Calculated using JEE Main candidate data.
  2. Middle & Junior Segment (Classes VI-X) - Calculated using school enrolment statistics.
This approach ensures alignment with student age groups, affordability considerations, and relevance to our service offerings.

Senior Segment (Classes XI-XII & XII Pass)

Data Source & Rationale

For the senior segment, we have considered JEE Main 2026 aspirants as the relevant target pool. At the time of calculation, ~14,50,000 students registered for JEE Main Session 1. Internal research indicates:

  • 20% are repeaters (XII Pass)
  • 80% are first-timers (XI & XII studying)
Calculation of SAM (Senior Segment)
Category Students
12th Pass 2,90,000
12th Studying 11,60,000
11th Studying 11,60,000
Total 26,10,000

MIDDLE & JUNIOR SEGMENT (CLASSES VI–X)

Data Source for Total Addressable Market (TAM)

Base enrolment figures have been updated using the latest UDISE+ 2023–24 National Report published by the Department of School Education & Literacy, Ministry of Education, Government of India.

Reference Link: https://dsel.education.gov.in/sites/default/files/statistics/report_in_PDF/udise_report_nep_23_24.pdf

Enrolment of Students 2024-25 as per UDISE

Country Total (Pre-primary to 12) Pre-primary Primary (1-5) Upper Primary (6-8) Secondary (9-10) Higher Secondary (11-12)
India 24,69,32,680 1,40,47,080 10,43,81,347 6,36,95,100 3,71,65,436 2,76,43,717
Class-wise Breakdown (Classes VI–X)
Segment Total Enrolments Class Break-Up
Upper Primary (6-8) 6,36,95,100
6 2,19,92,456
7 2,12,22,720
8 2,04,79,924
Secondary (9-10) 3,71,65,436
9 1,96,64,252
10 1,75,01,184
Total 10,08,60,536

Class-wise Breakup Methodology

The enrolment figures have been sourced directly from the UDISE+ 2023–24 National Report published by the Department of School Education & Literacy, Ministry of Education, Government of India. This report provides official class-wise enrolment data for each grade from Class VI to Class X across all schools and education boards in India. Accordingly, actual reported enrolment numbers have been used, eliminating the need for any estimation assumptions or step-down modelling.

Income Distribution Assumptions for Serviceable Addressable Market (SAM)

Income Bracket (Annual Household Income, ₹) Share of Population Notes
< ₹1,25,000 ~ 30–35% Economically vulnerable households, predominantly rural and informal sector; outside effective SAM
₹1,25,000 – ₹5,00,000 ~ 40–45% Aspirers and lower middle class; highly price-sensitive, selective participation
₹5,00,000 – ₹15,00,000 ~ 18–20% Middle-class households; core education spending segment
₹15,00,000 – ₹30,00,000 ~ 4–5% Upper-middle class; high discretionary education spends
> ₹30,00,000 ~ 1–2% High-income households
Top 10 % of population Captures ~58 % of income Upper-middle class; high discretionary education spends
Bottom 50 % of population Captures ~15 % of income High-income households
Key Insight: Combining the core middle-class (18–20%) and upper-middle/high-income segments (≈7%), we get an effective 27% of the total student population as the Serviceable Addressable Market (SAM). Based on affordability, we consider that 27% of the total student population falls within our Serviceable Addressable Market (SAM).

Calculation of TAM & SAM (Classes VI-X)

Class Enrollment (TAM) SAM @ 27%
VI 1,63,73,421 44,20,824
VII 1,62,94,198 44,00,434
VIII 1,60,44,829 43,31,104
IX 1,57,83,494 42,61,043
X 1,73,72,286 46,90,517
Total VI-X 8,18,68,228 2,21,03,922

Consolidated Market Size

Middle & Junior Segment SAM 2,72,32,345
Senior Segment SAM 26,10,000
Total SAM 2,98,42,345 (≈ 2.98 Crore students)

Class-wise Program-wise Average Fee Calculation

Class Program Fee Total Fee Class-wise Ratio of % of students Class-wise % Class-wise Average Fee
Year 1 Year 2 Year 3 Year 4
6 LG_fresh 72467 - - - 72467 100.00 100.00 72467
7 UTY_fresh 100893 - - - 100893 100.00 100.00 100893
8
UOY_fresh
UTY_Carryforward
85542
-
-
45533
-
-
-
-
85542
45533
35.00
65.00
100.00 59536
9
ATY_fresh
CFY_fresh
SUP_fresh
RMN_fresh
111300
137418
227106
243444
-
-
-
-
-
-
-
-
-
-
-
-
111300
137418
227106
243444
50.00
30.00
10.00
10.00
100.00 143930
10
AOY_fresh
CTH_fresh
ATY_carryforward
CFY_carryforward
SUP_carryforward
RMN_carryforward
111588
178302
-
-
-
-
-
-
51280
84077
138159
148120
-
-
-
-
-
-
-
-
-
-
-
-
-
-
51280
84077
138159
148120
15.00
10.00
37.50
22.50
7.50
7.50
100.00 94187
11
CTY_fresh
ITY_fresh
PANINI_fresh
CTH_carryforward
CFY_carryforward
SUP_carryforward
RMN_carryforward
242644
347071
401872
-
-
-
-
-
-
-
154293
-
-
-
-
-
-
-
165574
266591
284869
-
-
-
-
-
-
-
242644
347071
401872
154293
165574
266591
284869
40.00
19.00
19.00
5.00
11.00
3.00
3.00
100.00 281828
12
CSO_fresh
CTY_carryforward
ITY_carryforward
PANINI_carryforward
CTH_carryforward
CFY_carryforward
SUP_carryforward
RMN_carryforward
197187
-
-
-
-
-
-
-
-
107176
202690
238516
-
-
-
-
-
-
-
-
89037
-
-
-
-
-
-
-
-
95983
158811
170233
197187
107176
202690
238516
89037
95983
158811
170233
10.00
36.00
18.00
18.00
4.00
10.00
2.00
2.00
100.00 157460
12p CPA 107712 - - - 107712 100.00 100.00 107712
KEEPING SAM FIXED AT 27% AND TAKING AVERAGE FEES, THE MARKET COMES OUT TO BE ₹3.09 Lac CRORE
Class Number of Students Average Fee per Student (₹) Total Fees (₹)
6th 59,37,963 72,467 4,30,30,63,64,721
7th 57,30,134 100,893 5,78,13,04,09,662
8th 55,29,579 59,536 3,29,20,90,15,344
9th 53,09,348 143,930 7,64,17,44,57,640
10th 47,25,320 94,187 4,45,06,37,14,840
11th 11,60,000 281,828 3,26,92,04,80,000
12th 11,60,000 157,460 1,82,65,36,00,000
12th Pass 2,90,000 107,712 31,23,64,80,000
Total 2,98,42,855 - 30,87,69,45,22,207
Approximately 3.09 Lac Crore
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