Gurgaon-based Sunstone Education Technology Pvt. Ltd has announced that it has raised $35 million in its Series C funding. The funding round was led by WestBridge Capital and Alteria Capital also participated in the round.
Last year, Sunstone raised $28 million in Series B funding which was also led by WestBridge Capital, with participation from three existing investors: Saama Capital, Alteria Capital and Work10m. Also Read:Start-up employees in India feel adequately compensated
As per the company, Sunstone will utilise the fresh funds to expand its presence from the current 35+ cities to 100 cities across India and invest in programs to hire and train tech undergraduates.
Sandeep Singhal, Managing Partner, WestBridge Capital said, “Seeing the ever-increasing demand and Sunstone’s 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.”
The edtech startup was founded by Ashish Munjal and Piyush Nangru in 2019. The funding comes at a time when edtech platforms are facing troubles in raising fresh moolah as physical education and learning returned offline with ease in COVID-19 cases.
The dearth of funding in 2022 follows two golden years for edtech startups. In 2021, investors pumped $4.7 billion into edtech platforms while 2020 saw startups raising about $2.2 billion.
“The Indian higher education system is at the brink of an overdue transformation. Sunstone is well positioned to enable this change…we have made significant strides in the direction but still have a long way to go as the market opportunity and problem we’re trying to solve for, is very large,” said Ashish Munjal, CO-founder and Chief Executive Officer, Sunstone.