Sunstone, an Edtech startup with a focus on higher education, has raised $35 million in a series C investment round, which was headed by WestBridge Capital and included participation from current investor Alteria Capital. In less than a year, the company has undergone a second round of fundraising.
The startup’s Series C investment round was led by WestBridge Capital, according to Sunstone’s founders on Friday. Alteria Capital contributed to the funding as well, bringing its total raise so far to around $68 million.
About Sunstone
Sunstone, founded in 2019 by Ashish Munjal and Piyush Nangru, offers a hybrid learning approach for a variety of higher education courses, including master’s degrees in business administration, bachelor’s degrees in technology, and bachelor’s degrees in business administration, among others.
In India, there are countless management schools and universities, but aside from the best-ranked ones, the majority struggle to fill their classes. Additionally, their curricula are frequently out-of-date, and schools have trouble helping their pupils find employment.
“A long overdue change of the higher education system in India is about to take place. The lives of millions of kids will be impacted by this transition, which Sunstone is well-positioned to facilitate. We have come a long way over the years but still have lengths to go because of the size of the market opportunity and the problem we’re attempting to tackle,” according to Ashish Munjal, co-founder, and CEO of Sunstone.
Munjal claims that the additional funding would be utilized to expand into new areas, with a particular emphasis on undergraduate tech degrees. The company further asserts that it is present in over 35 cities and at over 40 institutes and that it is constructing the necessary infrastructure to mark its presence in 100 cities across the nation.
How far has the company progressed?
Sunstone initially offered courses in post-graduate management education, and in 2022 it will start offering undergraduate degrees. The startup asserts that in the previous two years, it had a 10-fold rise.
Sunstone previously raised $28 million in Series B fundraising in October of last year. Saama Capital, Alteria Capital, and Work10m, three current investors, joined WestBridge Capital in leading the investment at that time as well.
The country’s Edtech industry, on the other hand, has been dealing with unintelligible obstacles since 2022. The difficulties that Edtech businesses are facing include funding winter, weak market mood, geopolitical unrest, market inflation, and an approaching economic slump.
An academic institution with a distinctive pedagogy and education delivery methods supported by technology, Sunstone Eduversity seeks to develop professionals who are prepared for the workplace.
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