homestartup NewsEd Tech company NxtWave raises $33 million in latest round, to use some proceeds for acquisitions
Ed-Tech company NxtWave raises $33 million in latest round, to use some proceeds for acquisitions
In a statement, the company said that it is building India's largest online employability platform for new-age technology careers and has been successful in creating job-ready tech professionals through its training programmes.
NxtWave, an upskilling company based in India, raised $33 million in its latest fundraising round led by Greater Pacific Capital (GPC). NxtWave’s existing venture investor, Orios Venture Partners, also participated in the funding round.
In a statement, the company said that it is building India's largest online employability platform for new-age technology careers and has been successful in creating job-ready tech professionals through its training programmes. “Over the last couple of years, 1250+ companies, from fast-growing startups to Fortune 500 giants, have hired thousands of NxtWave learners,” it added.
The company was founded by IIT Bombay, IIT Kharagpur, and IIIT Hyderabad alumni, Sashank Reddy Gujjula, Anupam Pedarla, and Rahul Attuluri. NxtWave also said that its aim is to bridge the widening industry-academia gap by providing career paths to abundant opportunities in India's IT exports, which are expected to grow threefold in the next eight years from $178 billion to $527 billion.
Speaking about the new funding, Rahul Attuluri, Co-Founder & CEO of NxtWave, said, "We’re excited to have GPC as a new partner in our journey. Making India a powerhouse of technologies starts with upskilling our youth. Together, we’ll bring high-quality, employability-focused education to India’s youth and equip them for the jobs of the future at scale. With NEP 2020, the Indian Government has created a highly supportive environment for skill-based learning. This decade belongs to India."
Ketan Patel, Founder and CEO of GPC, said, "India has world-class engineering institutes, and as the country positions itself as one of the leaders of the information era, the country needs to build the capacity to provide quality learning, particularly in artificial intelligence, for 500 million young Indians. Leveraging technology to fill this gap is the key to unlocking India's economic potential and providing quality employment to its youth, which NxtWave is doing."
Anup Jain, Managing Partner at Orios Venture Partners, commented, "Nearly 63 percent of Indian graduates are unemployed, and an estimated 30 lakh new tech jobs are projected to be created in India within a few years. This gap opens up a total tech-upskilling opportunity of over $8 billion annually. NxtWave has proved it can bridge this gap successfully and is now ready for its next phase of growth across India."
Avendus Capital acted as the exclusive financial advisor to NxtWave on the transaction. Shardul Amarchand Mangaldas & Co. and Cyril Amarchand Mangaldas acted as legal counsel to NxtWave and GPC, respectively.
First Published: Feb 21, 2023 12:06 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
PM Modi's Patna visit: From serving langar to historic roadshow
May 13, 2024 5:13 PM
Shehnai by Ustad Bismillah Khan's kin, ode to Kashi's celebrities: PM Modi's roadshow to showcase Varanasi's grandeur
May 13, 2024 11:03 AM