Sunstone Eduversity, a higher learning ed-tech startup, has secured $28 million in a Series B funding round backed by WestBridge Capital. The round also saw participation from the company’s existing investors Alteria Capital, Saama Capital, and Work10m.
The latest infusion of funds will be allocated to invest in cutting-edge learning and technological assets, and establish a network of colleges spanning numerous cities. The company aims to ramp up its workforce from 300 to 700 within the next 12 months. It is also looking for senior candidates in product, technology, and learning outcomes positions. Sunstone further plans to scale up its college partnerships from 24 to 60 and to strengthen a presence in 35 Indian cities over the next year.
Ashish Munjal, the co-founder of Sunstone Eduversity commented on the development saying, “The current funding is an endorsement to Sunstone’s unique model of working with reputed colleges and corporates and using technology to bring quality education to millions of students. We are thankful to our partners and investors who believed in our vision and with this investment we want to scale the offering across the country.”
Sunstone Eduversity, founded in 2015 by Ashish Munjal and Piyush Nangru, operates a business school (B-School) that exclusively focuses on providing students with the knowledge to manage everyday business challenges across different sectors. The pay-after-placement structure of the startup is based on collaborations with 24 institutions spanning 18 cities.
The company further offers a hybrid learning model for master of business administration (MBA) courses and facilitates Indian colleges and universities with technology, curriculum, and supply challenges. This year, Sunstone has expanded its offerings to include undergraduate courses such as bachelor of business administration (BBA) and master of computer application (MCA).
By the end of 2022, it will have enrolled over 25,000 students across 35 cities. Sunstone will assist these students with job placements and has connections with over 500 Indian companies. It claims to have offered a 150 percent placement record for its 2019-21 MBA batch, with 252 students receiving 380 job offers.
Sunstone Eduversity raised $3.2 million (~Rs 24 crore) in its Series A funding in 2020. Prior to that, the Delhi NCR-based B-School startup secured $1.5 million (~Rs 11.35 crore) in seed funding from Prime Venture Partners in 2019.
The Indian higher education system comprising over 50,000 institutions across the country is extremely fragmented. These institutions are barely capable of providing students with a high-quality education. These institutions are barely capable of providing students with a high-quality education. Sunstone works with educational institutions on four key areas: relevant curriculum, measurable learning, improved student experience, and career development. These four factors are linked by a technology layer that distinguishes Sunstone apart from the competition.