SME

How these companies thrived during Covid-19

Not all that gloomyiStock
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Not all that gloomy
Covid-19 changed the way the world functioned. We were suddenly asked to stay indoors at all times. Businesses both small and big took a huge beating and for most recovery still is a distant dream. In this gloomy scenario where many companies shut down and most are limping back to normal, there are some which thrived. Here's a look at these companies and how they emerged as winners in this pandemic.
Online classesiStock
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Online classes
When the Covid-19 led to schools being shut, edtech players witnessed a spike in their business. According to Divya Gokulnath, Co-Founder, Byju's the company added 20 million new users in less than four months as against the first 40 million which had taken four years to come by. The company observed a steady graph during the last six months. The average time spent on the platform increased from 71 min/day to 100mins/day during the lockdown period. Edtech companies also noticed a significant behavioural shift in parents' mindset towards learning online, with more acceptances of such modes of education.
Education for all agesiStock
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Education for all ages
Not just school, several other online courses also saw a spike in their admissions. upGrad saw its MBA vertical grow by 63% in terms of revenue and 82% in the learner base. People in the age of 45-54 also enrolled for their courses. Arjun Mohan, CEO-India, upGrad feels that the virus outbreak made online learning take a front seat which was otherwise playing a second fiddle to the offline model.
Stay 'connected' with your doctoriStock
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Stay 'connected' with your doctor
Tele consultation with doctors grew significantly during the lockdown. Telemedicine platform Practo observed a 10x growth during the lockdown. In the pre-Covid era, Practo saw close to 70% of the online consults from metros but that changed and now the ratio stands at 50:50 with a greater access to verified doctors even in smaller cities. After the initial hiccups like shortage of medicines the business is going strong for online pharmacy companies.
Get a health policyiStock
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Get a health policy
Insurance aggregators like Policybazaar saw its health insurance business grow by 50%. A lot of younger buyers started evaluating health products. Corona Kavach and Corona Rakshak policies, which insurance companies started selling from July, found many first-time buyers come forward. It was the largest segment for the first time in the general insurance industry, beating the motor insurance sector.
It's game time!iStock
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It's game time!
People started checking the various online gaming platforms during this pandemic. Fantasy Akhada grew their user base 6-7 times. Casual games and esports also found traction on mobile gaming platform Mobile Premier League (MPL). With users growing to over 6 crore as against 4 crore previously, there is a clear slant towards people experimenting on varied games and formats. Social gaming platform WinZO Games noticed a 30% surge in average traffic in the first week of lockdown in March.
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