An interesting edtech startup announced a funding of USD 55 million
We all are aware that the edtech industry is booming to a great extent. It has bought a change in how students and their parents look up to education.
Let us talk about the edtech industry. Education+ technology= edtech industry. The change and innovation technology has bought into the domain of education is beyond imagination. A few years earlier, when someone mentioned using technology in education, doing online classes, people laughed off. Little did anyone know that it would become the new trend, a new way of life. Defining edtech is the use of technology and IT tools in education and learning with the aim to enhance it and bring a shining future in the edtech industry.
The education system of our country has been very traditional and backward. Many areas of our country do not have the access to schools, sufficient teachers are not there. But the Government of the country is doing its best, making all the efforts in order to bring innovation, and up-gradation to our education. We are seeing many startups have come up in the edtech sector, they are working for all the parties involved in this domain, be it parents, teachers, or students.
Now coming to the Indian edtech industry, it was of the value USD 750 million in the year 2020 and it is expected to reach USD 4 billion by the year 2025, thus growing at a CAGR of 39.77%.
Let us now have a discussion on the funding of an edtech startup that has taken place recently.
Announcement of the funding of an edtech startup
The startup, Scaler Academy has raised funds worth USD 55 million, as announced on February 01, 2022. This round of funding that has currently taken place was the Series B round of funding and was led by Light rock India. The other participants of this round of funding were the existing investors of the startup Sequoia Capital India and Tiger Global.
The startup has plans to use the funds raised for the expansion, inorganic growth, and to increase and expand its technological platform. The value of the startup after this round of funding has raised to USD 710 million. After this round of funding, the total capital raised by the startup has increased to USD 76.5 million.
About the edtech startup that has announced its funding
The startup, Scaler Academy was founded in the year 2019 by Anshuman Singh and Abhimanyu Saxena. The startup is an online-tech versity of the top 1% of software developers in the country. The startup offers an intensive six-month computer science course through live classes which are delivered by tech leaders and subject matter experts. The meticulously structured program enhances and increases the skills of software professionals by offering them a modern curriculum with exposure to the latest technologies.
The features provided by the startup are-
Job-driven online tech-versity
Mentorship by industry stalwarts
Forward-looking and in-depth course curriculum
The startup is an online accelerator program that effectively enhances the coding skills of software professionals. It teaches its students all the relevant skills needed in software jobs, mentors them to crack the recruitment process, and also provides them with the best referrals to the best opportunities in the software industry across the world. Students who have joined the platform spend an average of 3-5 hours daily on the platform, learning and practicing their skills. It provides the students’ access to more than 400 working professionals from top software companies like Facebook, Amazon, Google, Directi, and Microsoft.
More than 7500 people have joined the educational programs of the startup and have around 50 instructors.
The investors of the startup are Sequoia, GFC, Tiger Global, and Rocket Internet.
About the founders of the edtech startup
The edtech startup, Scaler Academy was founded by Anshuman Singh and Abhimanyu Saxena. They both are alumni of IIIT Hyderabad. Anshuman has the work experience at Facebook, where he led the team to build and scale the Messenger feature. He was also a part of a four-member landing team to set up the London office of Facebook. He is a competitive programmer and a two-time ACM ICPC World Finalist.
Abhimanyu has been responsible of leading a team that was responsible for designing retail marketplace Fab.com’s (which is based in New York) entire front end. He is a seasoned entrepreneur and has co-founded his first enterprise while still in college.
About Light Rock India
Light Rock India is focused on building a sustainable future. Light Rock is a global private equity partnership that has the aim to achieve financial as well as societal and environmental runs. It is LGT group’s global impact investing platform that consolidates all of its impact investing activities around the world. It makes an investment between the range of USD 10 and USD 50 million in the company.
The startup has something to offer which is of utmost requirement in today’s time. We wish the startup a piece of good luck and hope it has a fantastic and successful future ahead.
Edited and published by Ashlyn Joy