Prime Venture Partners has led a ₹11.3 crore investment round in Sunstone Eduversity, an educational technology (edtech) startup offering higher education programs. LetsVenture, PS1 Ventures, and early stage investor Rajul Garg participated in the seed funding round.
Sunstone Eduversity, owned by Sunstone Education Tech, will use the fresh funds to build its network of colleges across various cities and strengthen its efforts to create “industry-ready professionals by investing in technology and curriculum.” Sunstone said it plans to achieve 7-times growth in student enrollments and add more than 2,000 students across nine cities in 2020.
Founded by IMT-Ghaziabad alumnus Ashish Munjal and Piyush Nangru, Sunstone claims to offer India’s only Pay-after-Placement formal education program in partnership with several colleges and private universities. Sunstone works closely with corporates to develop industry-ready specializations such as BFSI, logistics, sales management, digital marketing, and others.
Sunstone’s ‘Pay after Placement’ model allows students to pay a nominal registration fee at the time of admission for the 2-year full-time programme. “On completion of the course and only after getting a job, the student is required to pay the course fee which is ten times the monthly salary,” the company said in a statement.
“We are making higher education accountable. This is the only higher education program where the success of the education provider is completely aligned with the student’s success,” said Ashish Munjal, CEO & co-founder Sunstone Eduversity.
Munjal said they are attempting to tap students from the non-top 100 colleges. According to a recent study by AICTE, only 36.4% of MBA graduates are considered employable. Students who graduate from the top 100 colleges are employable, whereas students who graduate from 3,900 other colleges are not taught the right skill set, the study said.
Source: Mint