Edtech Startup Scaler Academy Raises $55 Million In Funding
Scaler Academy, an edtech startup that helps college students and tech professionals upgrade their skills, has raised $55 million in a Series B funding round led by Lightrock India. The funding round also saw participation from existing investors Sequoia Capital India and Tiger Global.
With this funding, the valuation of the startup has increased to $710 million. As per the startup, the raised funds will be used for expansion, inorganic growth, and to beef up its technology platform.
Scaler Academy | Creating A Growth Ecosystem For Working Professionals
Launched by Anshuman Singh and Abhimanyu Saxena in April 2019, Scaler helps working professionals upgrade their skills. The edtech startup has 50 instructors, and so far, more than 7,500 people have joined Scaler’s educational programmes.
Speaking about the development, Abhimanyu Saxena, Co-founder of Scaler, said,
“The failure of legacy institutions in India’s higher education sector, particularly in the IT space, has opened up opportunities for avowed status-quo disruptors like Scaler to push a new kind of thinking that looks beyond cost arbitrage-based success.”
As per Abhimanyu, in 2022, the edtech startup will focus on India as well as the US market and then will look at other markets, such as Latin America and South-East Asia.
The edtech startup claims that under the parent company, InterviewBit, it has grown manifold during the pandemic. With operationally profitable, the revenue of the startup has jumped 200% over the pre-Covid level.
“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,” said Shailendra J Singh, Managing Director, Sequoia Capital.
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