Education technology startup Sunstone Eduversity has raised Rs 24 crore in Series A funding led by Saama Capital, along with participation from existing investors Prime Venture Partners, Purvi Capital and Leo Capital founder and MD Rajul Garg.
The round also saw Helion Advisors MD Ashish Gupta and PeopleStrong CEO Pankaj Bansal coming onboard as new investors.
Sunstone Eduversity plans to utilise the capital for investments in technology, hiring and building its curriculum. It’s also looking at growing its network of partner colleges from eight institutions in six cities to 20 partners in 15 cities by July 2021.
“Sunstone Eduversity is fixing the problem of large scale skill gaps in students,” said Ashish Munjal, cofounder at Sunstone Eduversity. “We focus on imparting practical skills training instead of outdated theory and remote learning methods.”
Founded by Munjal and Piyush Nangru, Sunstone offers higher education programmes in BFSI, logistics, analytics, sales management and digital marketing verticals, which have been designed in close partnership with corporates.
The company offers a unique ‘pay after placement’ model, and saw applications from students jumping fourfold to 10,000 this year. Sunstone enrolled 1,000 students this year, which it claims is a threefold increase compared to last year.
“Increasingly, the need for education to be outcome-oriented is dominating the minds of both students and the industry,” said Kiranbir Nag, Partner at Saama Capital. “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 said it was able to generate over 450 internship offers for its students graduating in the 2019-21 batch despite the Covid-19 pandemic putting a damper in hiring across most industries.