Gurgaon-based higher education startup Sunstone has raised $35 million in a funding round to expand into new programmes with a key focus on undergraduate tech programmes.
Existing investors WestBridge Capital and Alteria Capital led the Series C round. Previously, the edtech startup had raised $28 million in October last year from Work10M, WestBridge Capital, Saama Capital, and Alteria Capital. Concluding the current round, Sunstone has raised around $68 million in funding to date.
Founded in 2019 by Ashish Munjal and Piyush Nangru, Sunstone is a higher education service provider that partners with academic institutions to help upskill their students for employability. The startup works with corporates to develop industry-ready programmes for both postgraduate and undergraduate students.
“The Indian higher education system is at the brink of a long overdue transformation. Sunstone is well positioned to enable this change and impact the lives of millions of students,” said Ashish Munjal, Co-founder & CEO. “Over the years, we have made significant strides in the direction but still have a long way to go as the market opportunity and problem we’re trying to solve for, is very large,” Munjal said.
According to the company’s statement, Sunstone is currently operating in 35 cities and has collaborated with 40 institutions across the country. It aims to build capacities in 100 cities over the next two years.
Sunstone ventured into undergraduate programs in 2022 for the first time, registering a staggering 10X growth in the past two years, it claims.
“Over the last year, we have seen Sunstone grow and continue to upgrade the quality of education provided to every student. Seeing the ever-increasing demand and its potential to be a major disruptor, we are excited to double down our investment to support its mission of transforming the higher education sector in India,” said Sandeep Singhal, Managing Partner at WestBridge Capital.