Edtech startup Elevate Education, formerly known asSunstone, has raised ₹170 Cr ($17.7 Mn) in its Series D funding round led by existing backer WestBridge Capital.
The fresh capital will be used to strengthen the startup’s AI and tech capabilities and expand its network of partner institutions.
A portion of the raised funds will also be deployed to advance investments in upgrading academic courses as well as industry-linked programmes.
Founded in 2019 by Ashish Munjal and Piyush Nangru, Elevate Education focuses on making undergraduate and postgraduate education more industry-relevant and outcome-oriented for students.
It partners with higher education institutions to deliver new-age programmes, practical learning, placement support, and student success interventions designed to improve employability and career outcomes.
It claims to support over 25,000 students via a “growing” network of partner campuses. Some of its partner institutes are MIT, Pune, Manipal University, SIIB and BITS Pilani.
Prior to this round, the edtech startup had raised close to $70 Mn from Prime Venture Partners, Alteria Capital, Saama Capital, among others. It last raised a debt of $35 Mn from Alteria in 2022.
The startup said the latest investment comes after a period of strong execution, during which it significantly expanded its student base, institutional partnerships and revenue. It expects to generate ₹300 Cr in revenue and turn profitable in FY27.
Looking ahead, Elevate Education is targeting to double its revenue to ₹600 Cr by FY29, while expanding its user base to 60,000 students and partnering with 40 institutions by the fiscal.
The funding comes as India’s higher education sector undergoes rapid change, fuelled by AI, evolving employer expectations and growing demand for outcome-driven learning.
The broader Indian edtech market is projected to reach $29 Bn by 2030, supported by deeper internet penetration, the National Education Policy and rising adoption of hybrid learning models.
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