Scaler Academy in talks to raise $70-$100 million funding: Report

Scaler describes itself as an online tech-versity and was founded by IIIT Hyderabad alums Anshuman Singh and Abhimanyu Saxena in April 2019.

Scaler Academy is currently in talks with existing investors to raise $70-$100 million in a new funding round, a report in The Economic Times said.

The edtech startup is likely to “top up with a $50 million cheque” and the existing investors including Tiger Global and Sequoia Capital, Global Founders Capital and Rocket Internet bringing in the rest, the publication stated citing a person with direct knowledge of the development.

Scaler has already raised $21.5 million (about Rs 156 crore), the report added.

Moneycontrol could not independently verify the report.

Scaler describes itself as an online tech-versity and was founded by IIIT Hyderabad alums Anshuman Singh and Abhimanyu Saxena in April 2019. The platform is focussed on college students and tech professionals and also provides mentorship to help pupils crack recruitment processes as well as provides referrals for software opportunities.

Its revenues have surged over 200 percent over pre-COVID-19 levels and is operationally profitable.

The company has recently acquired New Delhi-based online learning platform Coding Elements in an all-cash deal worth roughly Rs 80 million. Scaler Academy has also set aside a fund corpus of Rs 500 million for acquisitions.

Scaler’s alumni worked with companies including Google, Amazon, Microsoft, Adobe, Mindtickle, Flipkart, Goldman Sachs, Walmart, Myntra, Ola, and Paytm, as per its website.

Scaler Academy has over 500 employees and 1000 mentors and teaching assistants on its platform. So far, more than 7,500 learners have joined Scaler's educational programmes, as per the company.

Scaler’s co-founder Abhimanyu Saxena and spokespersons for Sequoia Capital and Tiger Global didn’t respond to publication’s queries.