Kunal Shah-Masai School, which offers courses in software development and data analytics, has raised $10 million in a Series B fundraising round led by Omidyar Network India, with sporting stalwarts Mithali Raj and Bhaichung Bhutia also joining as investors and partners.
Raj and Bhutia's investment in the round was not disclosed by Masai School. Raj and Bhutia will also make two scholarships available to Masai School students. A total of Rs 1.5 crore in financial help will be made available to Masai School students each year through the two scholarships—Mithali Raj Scholarship for Women in Technology and Bhaichung Scholarship for Extracurricular Excellence. The scholarship would be awarded based on academic performance and extracurricular activities, Masai School said in a statement on November 8.
“The common thought in India is that when a woman chooses her sporting career, her personal life takes a backseat. However, with Masai, every individual gets yet another chance to have another career option apart from sports and excel in it,” Raj said at a press briefing in Bengaluru on November 8.
Masai School's existing institutional investors, including India Quotient and Unitus Ventures, also took part in the Series B funding. Alteria Capital, a new investor, also participated in the round. The valuation at which the funds were raised was not disclosed by the company.
Masai School will use the funds to launch two new course categories and expand its existing skilling course in software development and data analytics, the company said. Masai School will be launching MasaiX, an upskilling course for software developers and a ‘Scholar Program’ that will supplement college students’ education with necessary tech skills, the company said.
The scholar programme will be implemented by the company's subsidiary, Prepleaf, which Masai School acquired in December of last year.
“This is an opportune time for us to pick up our series B funding, and we are excited to work with our new partners and our current investors alike. Our mission remains to build the country’s largest employable tech workforce. The last 3 years have been proof of our competency in bridging the tech skill gap for over 800 tech companies who have hired more than 2000 alumni,” said Prateek Shukla, co-founder and Chief Executive Officer (CEO), Masai School.
Masai School, founded in 2019 by Shukla, Nrupul Dev, and Yogesh Bhat, raised $5 million in Series A funding backed by Omidyar Network India in October last year. In addition to Kunal Shah of Cred, Masai School is backed by Vijay Shekhar Sharma of Paytm, Mohit Tandon of Delhivery, and Abhishek Goyal of Tracxn.
Masai School claims to have placed over 2,000 students across 25 batches, with a placement rate of more than 94 percent and an average annual package of Rs 7.5 lakh. The company also claimed to have placed candidates at Ola, Swiggy, Meesho, Capgemini, Paytm, Dream 11, GlobalLogic, and ShareChat, among others.
Masai School's fundraise and expansion plans come at a time when the country's edtech companies, including some of the largest, are struggling to raise funds and are turning to cost-cutting initiatives like mass layoffs.
So far in 2022, edtech companies have laid off over 7,000 people, with the largest number of layoffs coming from Unacademy, Byju's, and Vedantu, among others.