Edtech startup Sunstone Eduversity has raised about $3.2 million (Rs 24 crore) in a Series A funding round led by Saama Capital with participation from Helion Advisors MD Ashish Gupta and PeopleStrong co-founder and CEO Pankaj Bansal.
Existing investors Prime Venture Partners, Rajul Garg and Purvi Capital also participated in the round, the startup said in a statement on Wednesday.
Sunstone will use the fresh capital to invest in its technology platform, hiring and curriculum. The company is also planning to use the funds to strengthen its efforts in creating industry-ready professionals and building its network of colleges across multiple cities, the statement added.
Founded by IMT-Ghaziabad alumnus Ashish Munjal and Piyush Nangru, Sunstone takes complete accountability of a student’s career by operating on pay after placement model. Students pay a nominal registration amount as an upfront fee and the remaining fee is to be paid only after getting placed at a job at the completion of the two-year full-time programme.
The startup claims to have received 10,000+ applications this year as compared to 2500 last year. Sunstone has enrolled 1000 students this year, which is a 3x growth over last year.
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