Ex-Flipkart exec Ranjan, Myntra co-founder Bansal launch ed-tech firm

Myntra co-founder Mukesh Bansal and ex-Google executive Peeyush Ranjan have launched Fermi, an AI-first STEM edtech platform targeting India and the US

Myntra co-founder Mukesh Bansal and former Flipkart CTO Peeyush Ranjan have announced foray into the edtech space with the launch of ed-tech venture Fermi.

 

The artificial intelligence (AI)-first platform focuses on high-school STEM (Science, Technology, Engineering, and Mathematics) education teaching subjects. Before its public launch, Fermi.ai conducted a three-month pilot with 79 students, covering more than 15,000 concept-tests. 

The newly-launched company is headquartered in Singapore and has chosen two markets, India and the United States (US), for its offerings. On the choice of these two markets, Ranjan said there is a high opportunity as India is an $8 billion ed-tech market, and the US stands at $5 billion.  

 

According to Ranjan, the platform’s unique proposition is that it helps learners understand and explore a step-by-step solution rather than simply churning out quick answers. 

“We built Fermi.ai to support thinking, not replace it, to protect the ‘productive struggle’ that leads to actual mastery. The platform shows students where their reasoning goes off track and helps teachers see learning struggles that often remain invisible in classrooms,” he said. 

 

The company is currently offering its services free of charge, and is actively collecting feedback from students and educators. 

Ranjan said that once the company has curated the final offering with feedback, it will also decide upon the pricing strategy. He added that, in any case, the pricing will be competitive.

 

“One thing is very clear that it has to be competitive pricing as India is a value conscious market. At the same time, we have to understand the value people get out of it. While it is a competitive market, there are products at different levels of offering. There are people who pay lakhs for a certain experience and some are paying a few thousand rupees for a different experience. We have to figure out where people see us, and the value they derive,” Ranjan said.

 

The company is backed by Meraki Labs, a startup studio founded by Ranjan and Bansal themselves, and expects to raise additional funds within six months.

 

The platform is built on four pillars including adaptive real-time tutoring, handwriting-first experience, an exam-aligned question bank powered by a curriculum concept graph, and an analytics layer that allows assistance with reasoning.