Bengaluru-based Newton School on April 21 said it has raised $25 million in Series B funding led by Steadview Capital. Existing investors Nexus Venture Partners and RTP Global also participated in the round.
The company informed that the newly raised capital will be used to accelerate growth and expand its team, technology, and brand-building initiatives.
Founded in 2019 by Nishant Chandra and Siddharth Maheshwari, Newton School is building a learning platform for aspiring software developers. It claims to provide contemporary and affordable training that is relevant to technology industry requirements.
Interestingly enough, the edtech offers a ‘pay after placement’ policy where a student can enroll and complete the course, and make payment of fee over a period of 36 months after getting placed in a top company.
Since its inception, the platform has placed over 1,500 aspirants in more than 600 companies including Google, Lenskart, Razorpay, and Flipkart.
Maheshwari and Chandra said, “This fundraise will enable us to build a strong brand and leadership team while investing in innovative technologies like AI to transform education.”
With an aim to provide flexible learning to working professionals, the firm recently launched a master’s degree programme for people from non-tech backgrounds. Newton School is on the track to reach 100 million in annualised run rate by 2023, the company said.
“In India, you have more than a million college graduates every year who fail to get relevant employment opportunities, and yet there are thousands of companies struggling to find talent. Newton School’s learning platform aims to bridge this gap, and we are excited to partner with like-minded investors who believe in the transformative powers of industry-oriented education and the internet,” the co-founders added.
Since 2019, the startup has raised more than $30 million from investors like Steadview Capital, Nexus Venture Partners, and RTP Global.
Puneet Kumar, managing director at Steadview Capital, said, “In a country where graduates are left with single-digit employability rates despite spending significant amounts of money on education, Newton School’s unique model and platform will support the aspirations of millions of Indians by removing location barriers and lowering costs.”
In February 2021, the edtech startup had raised $5 million in a Series A funding round led by RTP Global and angels like Kalyan Krishnamoorthy of Flipkart, Kunal Shah of CRED, and Freshworks’ Girish Mathrubootham.
In the current round of funding, Bengaluru-based investment bank, IndigoEdge, served as the exclusive transaction advisor to Newton School.
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