Sunstone Eduversity raises $28 million in Series B

CHENNAI: Sunstone Eduversity, a company that operates as an asset-light educational institution offering higher education programs, has raised $28 million in a Series B round of funding led by WestBridge Capital, with participation from existing investors Saama Capital and Alteria Capital.
Work10m (work-focussed fund by Pankaj Bansal, Group-CEO PeopleStrong) also participated in the round.
The company said it would use the fresh capital to invest in learning & technology assets, building a network of colleges across multiple cities, and hiring across different functions.
Founded by IMT-Ghaziabad alumnus Ashish Munjal and Piyush Nangru, Sunstone partners with various universities to provide education as a full stack service to them. It also works closely with corporates to develop industry ready programs for both postgraduate and the undergraduate students.
Sunstone has added three new programs this year: BBA, MCA, and Online MBA and will be introducing various undergraduate programs such as BCA, B Com and BSc in the next 12 months. It will be enrolling over 25,000 students across 35 cities by the end of 2022, the company said.
The company delivered a 150% placement rate for its 2019-21 MBA batch where 252 students received 380 job offers.
“Education experience for a majority of students is still archaic, input driven, with zero focus on outcomes. Sunstone flips the norm, by putting outcomes at the forefront, and arms each student with tools they need to realise their dreams," Ashish Munjal, co-founder, Sunstone Eduversity, said.