New Delhi, Aug 19 : As Edtech startups and unicorns lay off their employees during the winter of funding Gurugram-based higher education platform Sunstone on Friday announced it had acquired $35 million (around the equivalent of Rs 280 crore) in a Series C financing managed by WestBridge Capital.Sunstone was founded by Ashish Munjal and Piyush Nangru in the year Sunstone was able to raise $28 million in October 2021.
The Startup announced that it would use the most recent funding to expand into new programs with particular concentration on the undergraduate tech programs.
“The Indian higher education system is on the cusp of an unanticipated transformation.
Sunstone is well placed to facilitate this transformation and improve the lives of millions of students,” said Munjal, Co-founder and CEO.
The latest round of funding included the participation of Alteria Capital.
The business with presence in over 35 cities in more than 40 institutions is constructing capacities to expand to 100 cities across the nation.
Beginning with post-graduate management studies, Sunstone ventured into undergraduate programs in 2022.
The company has seen 10 times the growth in the last two years.
“Seeing the ever-growing demand and the potential to become an important disruptive force, we’re excited to increase our investment to help support its (Sunstone’s) purpose of revolutionizing the higher education industry in India,” said Sandeep Singhal, Managing Partner, WestBridge Capital.
Sunstone announced that its training courses are endorsed by the industry to improve employability.They are designed to be hybrid delivery with emphasis on personality and soft skills development.