Education technology startup Sunstone Eduversity has raised Rs 24 crore in Series A funding round led by Saama Capital. The round also saw participation from Ashish Gupta, MD, Helion Advisors; and Pankaj Bansal, Co-founder and CEO, PeopleStrong. Prime Venture Partners, Rajul Garg, and Purvi Capital also participated in the round.
The startup was founded by IMT-Ghaziabad alumni Ashish and Piyush Nangru. Sunstone is currently present in six cities, with eight institutions as its partners. Sunstone offers higher education programmes in BFSI, logistics, analytics, sales management and digital marketing verticals, which have been designed in close partnership with corporates.
The company offers a unique ‘pay after placement’ model, and saw applications from students jumping fourfold to 10,000 this year. Sunstone enrolled 1,000 students this year, which it claims is a threefold increase compared to last year.
Ashish Munjal, Co-Founder, Sunstone Eduversity said, “Sunstone Eduversity is fixing the problem of large-scale skill gaps in students by adopting one simple principle: accountability. By collecting fees only after our students get jobs, we make sure that all the cogs in our system are working towards the success of our students.”
Kiranbir Nag, Partner, Saama Capital said in a press statement, “Increasingly, the need for education to be outcome-oriented is dominating the minds of both students and the industry. With its technology-focused, data-centric approach and alignment with the students, we believe Sunstone is well placed to bring about a shift in the present higher education system by equipping the students with the latest tools that would make them ready for real-world job opportunities. We are excited to partner with the founders and other investors of Sunstone and believe that the company’s vision has the potential for tremendous impact.”
Sunstone Eduversity plans to utilize the capital for investments in technology, hiring and building its curriculum. It’s also looking at growing its network of partner colleges from eight institutions in six cities to 20 partners in 15 cities by July 2021.