Scaler Academy, one of the fastest-growing tech upskilling startups, said it has done the successful completion of Series B funding of $55 million led by new investor Lightrock India along with two existing investors, Sequoia Capital India and Tiger Global. With this fresh round of funding, the total capital raised by the company since January 2020 stands at $76.5 million with a valuation of $710 million.
Launched in 2019 by Anshuman Singh and Abhimanyu Saxena, Scaler Academy is an edtech startup focused on upskilling college students and tech professionals. A press release from Scaler claimed that about seven out of every 10 unicorns in India now has a Scaler Academy alumni. In addition, the company has partnered for placements with big names in the industry like Microsoft, Google and Amazon.
“We have over 380+ alumni in just these 9 companies alone – Microsoft, Google, Uber, Amazon, Paypal, Adobe, VMWare, Intuit, Mcafee. The cumulative annual salary of Scaler Academy graduates is more than Rs 600 crore as of today. If you factor in our expenses on teaching and infra, Scaler Academy enables the addition of more than $100 million into India’s economy every year. Our next goal will be enabling the addition of a billion USD to India’s GDP annually,” Scaler Academy and InterviewBit Co-Founder Abhimanyu Saxena said.
With the current round of funding, the startup aims to pursue its international expansion plans, launch new product offerings and business verticals, make strategic acquisitions, and grow its customer base in India and globally.
Divya Venkatavaraghavan, principal investor, Lightrock India, said, “The team at Scaler Academy (and InterviewBit) are transforming higher education in India by democratising the privilege of working in technology for millions of Indians. They are building a learning community that is accountable for outcomes and designed for the future of work.”
Shailendra J Singh, managing director, Sequoia Capital, said, “To us, the most distinctive part of Scaler’s strategy is that they are super focused on extremely high-quality computer science education, delivered with their own unique approach that makes their programmes practical and useful in the work environment. This is resulting in outstanding student NPS and exceptional job placements for Scaler students.”