With the digitisation of the education system due to the COVID pandemic, Edtech startups are recording substantial growth. Recently, we have already seen startups like Unacademy, Byjus and many other companies bag million of dollars in funding rounds. Now, a new Edtech Startup Sunstone Eduversity raised Rs 24 crores in a Series A round backed by Saama Capital.
About Edtech Startup Sunstone Eduversity
The startup was founded in 2015 by Ashish Munjal and Piyush Nangru. Sunstone focuses on bringing practical learning to the table by helping students learn how to tackle everyday business problems. So, to achieve its goal, the company has partnered up with 5 colleges and universities in three cities.
The startup also has a unique system for payments. They only take the registration fees of Rs 65k for the two-year programme, and only after the student gets placed, they take the remaining amount. Sunstone is already seeing an increase in registrations in the number of students and is expecting to further growth in future.
They also say that students, at average, receive a starting salary 10 times more than normal placement from their two years full-time course. The startup even helps students pay in installments to help them finance their fee.
Achievements and comments on the investment
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. By collecting fees only after our students get jobs, we make sure that all the cogs in our system are working towards the success of our students”.
Commenting on placement scenarios for freshers, he added, “One of the challenges faced by freshers is the lack of industry-relevant skills that reduce their chances of getting hired by reputed companies. We focus on imparting practical skills training instead of outdated theory and remote learning methods.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”.
Using the recent funding, the company aims to improve its hiring, curriculum and technology platform. The startup plans to expand to over 15 cities by July 2021. And enrol thrice the number of students as they are enrolling now that is 1000.
Seeing so many new Edtech startups raise funds every other day, I see a big opportunity in the market. But, for sure, not all of these startups will be successful. What are your thoughts on the same? Do let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.