Sunstone Education, a Gurugram-based Adtech company, has raised 28 million as part of a series B funding round led by Westbridge Capital.
The round was attended by Pankaj Bansal, Group CEO of existing investors Sama Capital, Alteria Capital and Workstrom-HR Tech Solutions provider PeopleStrong.
According to a press statement, the company is expanding its state-of-the-art education and technology assets using new capital, building a network of colleges in several cities, and recruiting for various jobs.
Sunstone Education is on a mission to bring about an ideal change in the current higher education system by equipping students with various skill sets so that they are ready for real world job opportunities and are easily exploited by recruitment companies. The company offers higher education programs in BFSI, Logistics, Operations, Sales Management, Digital Marketing, Human Resources, Business Research and Analysis and others.
Founded in 2015 by Ashish Munjal and Piyush Nangaru, alumni of IMT-Ghaziabad, the company’s vision of higher education caters to the needs of not only millions of students but also thousands of employers and colleges. It has more than 300 employees and plans to take on technology, growth, production and education tasks. Sunstone said it is currently the third largest B-school in the country and aims to become “the largest higher education provider” in the next five years.
Speaking about the raised capital, Ashish Munjal, co-founder of Sunstone University, said,
“We are building Sunstone to become a real choice for Indian youth to pursue higher education. The learning experience for the majority of students is still archaic, input-based, with zero focus on outcomes.
Munjal said the current funding supports Sunstone’s unique model of working with reputed colleges and corporates and using technology to provide quality education to millions of students.
Thousands of students have joined Sunstone this year, and the organization reported a 4X increase in student enrollment in 2020. The institute has expanded its presence to 24 campuses in 18 cities, including major institutions like GD Goenka University, JECRC University, Noida. Institute of Engineering and Technology, and many others.
The company claims to have offered a 150% placement rate for its 2019-21 MBA batch where 252 students received 380 job offers.
Sandeep Singhal, Managing Director, Westbridge Capital, said,
“Sunstone’s higher education programs have the potential to bring much-awaited change to the Indian education system where students can now access high quality education products across the country. We are excited about Sunstone’s growth and innovation.
Kiranbir Nag, partner of Sama Capital, added,
“The team at Sunstone has had a lot of success in proving their model of providing the best quality results based education across the country with a high level of accountability in terms of student aspirations. We are excited. This will allow it to grow faster. “
Sunstone’s approach is to work on four fronts with educational institutions – related courses, measurable learning, good student experience, and student career preparation. These four aspects are combined by a technology level that makes Sunstone an excellent product compared to other options.
Sunstone added three new programs this year in partnership with various universities- BBA, MCA and online MBA. The company plans to introduce various undergraduate programs like BCA, BCom and BSc in the next 12 months. It also plans to enroll more than 25,000 students in 35 cities by the end of 2022.
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