Edtech startup Sunstone, which focuses on higher education, on Friday said it has raised USD 35 million, about Rs 280 crore, in a funding round led by WestBridge Capital. The funding round also saw participation from Alteria Capital.
Founded by Ashish Munjal and Piyush Nangru in 2019, Sunstone had raised USD 28 million in Series B in October 2021. Munjal said that the fresh capital will be used to expand into new programmes with a key focus on undergraduate technology programmes.
The company has presence across more than 35 cities in over 40 institutions and is building capacities to expand into 100 cities across the country in the next two years.
"The Indian higher education system is at the brink of a long overdue transformation. Sunstone is well positioned to enable this change and impact the lives of millions of students.
Over the years, we have made significant strides in the direction but still have a long way to go as the market opportunity and problem we are trying to solve for, is very large," Munjal said, "The Indian higher education system is at the brink of a long overdue transformation.
Sunstone is well positioned to enable this change and impact the lives of millions of students.
Starting with post graduate management education, Sunstone ventured into undergraduate programmes in 2022 for the first time. The company claims to have registered 10-fold growth in the past two years."Over the last year, we have seen Sunstone grow and continue to upgrade the quality of education provided to every student. Seeing the ever increasing demand and its potential to be a major disruptor, we are excited to double down our investment to support its mission of transforming the higher education sector in India," Sandeep Singhal, Managing Partner, WestBridge Capital, said.