The education technology company will use the fresh capital to invest in its technology platform, hiring and curriculum. It will also look to build a network of colleges across multiple cities.
Sunstone Eduversity has raised Rs 24 crore in its Series A round of funding led by Saama Capital along with participation from venture capitalist Ashish Gupta and PeopleStrong co-founder Pankaj Bansal, who invested in their personal capacities.
Existing investors Prime Venture Partners, Leo Capital CEO Rajul Garg and Purvi Capital, too, participated in the round.
The education technology company will use the fresh capital to invest in its technology platform, hiring and curriculum. It will also strengthen its efforts in creating industry-ready professionals and building its network of colleges across multiple cities.
Sunstone works closely with corporates to develop industry-ready specialisations across sectors like BFSI, logistics, analytics, sales management and digital marketing and others. Sunstone tries to produce students who are ready to foray into the job market right after college and have the desired skill sets required to manage daily office work.
The startup also offers a flexible payment option to students, where they pay an upfront registration fee and only pay for the course after they get placed.
The company had received 10,000 applications this year compared to 2,500 last year. It has admitted 1,000 students in their courses this year, showing a three-time growth.
Founded by IMT-Ghaziabad alumnus Ashish Munjal and Piyush Nangru, Sunstone has eight partner institutions in six cities and will have 20 partners in 15 cities by July 2021.“One of the challenges faced by freshers is the lack of industry-relevant skills that reduce their chances of getting hired by reputed companies…we focus on imparting practical skills training instead of outdated theory and remote learning methods. For the batch of 2019-21, we generated more than 450 Internship offers even during this pandemic,” Co-Founder Ashish Munjal said.