India has become one of the world\\\'s largest EdTech markets, supported by policy interest in digital education, rapid platform growth, and substantial private investment. Yet the impact of this investment is still commonly judged by metrics such as user acquisition, enrolment, or geographic reach. This paper argues that such measures are inadequate because they confuse access with capability. The core problem is not whether private EdTech expands digital access, but how its educational impact should be measured in a context marked by uneven infrastructure, social inequality, and variable institutional readiness. This conceptual paper develops a framework for measuring the impact of private EdTech investment on digital capability development in India. Drawing on recent literature on digital equality, digital exclusion, teacher digital competence, and platformization, together with India-specific policy and system evidence, the paper proposes that impact should be assessed through a sequence of linked dimensions: access, conversion conditions, educational mediation, and capability outcomes. The paper\\\'s main argument is that private EdTech investment creates educational value only when digital resources are translated into meaningful learner and teacher capabilities under equitable conditions. The paper contributes to management and education scholarship by offering a capability-oriented measurement model that moves beyond platform scale and toward a more rigorous assessment of educational quality, inclusion, and long-term developmental value.