Indian Edtech startup Sunstone Eduversity has reportedly secured USD 28 million in Series B funding which was led by WestBridge Capital. The Gurugram-based firm will use the fresh funds to expand its learning and technological assets.
The company also intends to use the funds to establish a college network across cities and hiring recruits for several positions.
According to Sunstone Eduversity, the latest funding round also saw the participation of the existing investors including Saama Capital, Alteria Capital, and a work-focused fund Work10m founded by Pankaj Bansal, the Group-CEO of PeopleStrong.
Ashish Munjal, the cofounder of Sunstone Eduversity, reportedly stated that the majority of students' educational experiences are still input-driven and lacks focus on outcomes. The startup intends to challenge the current system by emphasizing the outcomes and providing each student with the required resources to achieve their educational goals.
For those unaware, Sunstone Eduversity essentially offers higher education programs and claims to be India's third-biggest B-school. The Gurugram-based startup intends to become the largest higher education provider in the country in the next five years.
Speaking of which, the company is known to collaborate with various businesses to create industry-ready programs for postgraduate as well as undergraduate students, with an emphasis on BFSI, business analytics, sales management, logistics, retail, and digital marketing among others.
Sandeep Singhal, the Managing Director of WestBridge Capital believes that Sunstone's higher education program will bring out the much-needed change in the Indian education system, with students having access to high-quality educational services throughout the country.
Sunstone Eduversity has teamed up with numerous universities and added three new programs recently: a BBA, an MCA, as well as an online MBA course. By next year, the company intends to launch several undergraduate programs, including BCA, B. Com, and BSc., with over 25,000 student enrollments across 35 locations.
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