Sunstone Eduversity, an edtech startup, has raised Rs 24 crore in Series-A funding. The funding was led by Saama Capital, Helion Advisors, PeopleStrong. Existing investors, Prime Venture Partners, Rajul Garg and Purvi Capital also participated in the round.
The company will use the fresh capital to invest in its technology platform, hiring and curriculum, and also strengthen its efforts in creating industry-ready professionals and building network of colleges across multiple cities.
Ashish Munjal, Co-Founder, Sunstone Eduversity, said, “We are delighted to welcome Saama Capital into the Sunstone family. Sunstone Eduversity is fixing the problem of large scale skill gaps in students by adopting one simple principle- accountability. We focus on imparting practical skills training instead of outdated theory and remote learning methods. For the batch of 2019-21, we generated more than 450 internship offers even during this pandemic.”
Sunstone operates on a pay after placement model. Students pay a nominal registration amount as an upfront fee and the remaining fee is to be paid only after getting placed at a job at the completion of the 2 year full time program.
Kiranbir Nag, Partner, Saama Capital said, “With its technology-focused, data-centric approach and alignment with the students, we believe Sunstone is well-placed to bring about a shift in the present higher education system by equipping the students with the latest tools that would make them ready for real-world job opportunities.”
Sunstone received 10,000+ applications this year as compared to 2,500 last year and has enrolled 1,000 students this year, a 3x growth over last year.
With the growing number of new-age businesses and dynamic job profiles, the requirement of graduates with a high-level domain knowledge and core competencies is the need of the hour. Sunstone claims it works closely with corporates to develop industry ready specializations such as BFSI, Logistics, Analytics, Sales Management, Digital Marketing and others. T
The programs are designed to equip the students with the required expertise to tackle everyday business problems and build competencies across industry verticals. The venture claims its industry-focused and constantly updated curriculum coupled with dual specializations.
About the company:
Founded by IMT-Ghaziabad alumnus Ashish Munjal and Piyush Nangru, Sunstone has eight partner institutions in six cities and will have 20 partners in 15 cities by July 2021. The venture claims its graduates of the batch of 2018-20 secured 100 percent placements. Some of the prominent recruiters were Axis Bank, HDFC, WNS, Genpact, Amazon, TCS, Karvy, Byjus, Reliance Retail, PolicyBazaar and Swiggy among others.
First Published: Sept 30, 2020 1:36 PM IST
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