Bangalore Higher learning startup Sunstone Eduversity has raised $28 million in its Series B funding round led by Westbridge Capital. The round also saw participation from existing investors Sama Capital and Alteria Capital and Work10M.
According to the company, it will use the fresh capital to invest in learning and technology assets, while doubling down on geographic and team expansion.
Sunstone co-founder and chief operating officer Piyush Nangroo said in an interview that the company expects to expand campus partnerships from 24 to 60 and is expected to establish a presence in 35 Indian cities over the next year.
The startup offers a hybrid learning model for Master of Business Administration (MBA) courses, and helps manage technology, curriculum and supply aspects for Indian colleges and universities. Sunstone has also diversified this year into undergraduate courses including Bachelor of Business Administration (BBA) and Master of Computer Applications (MCA). It helps these students in placements and has partnerships with over 500 corporates in India, the company said.
“Higher education institutions do not have adequate resources to manage the upcoming supply for these courses. Sunstone partners with these universities to provide education as a full stack and acts as a direct-to-consumer brand for students following an online and on-campus learning model. For corporates, Sunstone provides standardized high quality talent that is otherwise difficult to find,” said Nangroo.
The platform has increased its student enrollment from 250 students in 2019 to 2,400 in 2021. This increases the enrollment to 25,000 students by the next year.
“Sunstone’s higher education programs have the potential to bring the much anticipated change in the Indian education system where students will now have access to high quality education products in all corners of the country. And so far excited by the innovation in technology and learning systems.
The company is also planning to increase its workforce from 300 to 700 in the next 12 months. It is also looking at hiring senior people in product, technology and learning outcomes roles.
“The Sunstone team has consistently succeeded in proving its model of providing best-in-class results-based education across the country with a high degree of accountability with respect to student aspirations. Kiranbir Nag, Partner, SAMA Capital That said, we are excited and impressed by the increase in product offerings, team and student signups.
The company also wants to expand internationally by the end of next year, and is currently looking at Southeast Asia and Africa.
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