Tech Upskilling platform Scaler announced on Tuesday that it has raised $55 Mn in series B round. New investor Lightrock India spearheaded the round while existing investor Sequoia Capital and Tiger Global also participated in the round.
The Bengaluru based startup was valued around $750 Mn in this new funding round, propelling it to the soonicorn club.
The company said that the fresh capital infusion will be used for expanding international footprint, launching new products and services, ramping up acquisition and increasing the customer base in the domestic market.
Scaler claims that students enrolling in its intensive course are able to fetch 4.5X ROI. The startup further claims that today its ex-students are working in some of the biggest tech companies including Google, Amazon, Paypal, Uber, Adobe and many other companies. Many of its ex-students are also working in unicorn startups, the company further added.
Scaler was founded in the year 2019 with an aim to help engineer students and tech professionals in upskilling their skills. The company conducts a six month intensive computer science course through live classes. This course is conducted by industry and subject matter experts who are currently employed in big tech companies.
Scaler believes that the legacy institutions in India’s higher education has failed to churn out quality professionals, especially in the IT space. The Bengaluru headquartered startup is seeking to fill this void through its six month intensive course.
Scaler was part of the Sequoia Capital’s accelerator program Surge’s first batch. Edtech startups have been receiving huge amount of investment from the investor community ever since the inception of Covid-19.
Today India’s most valued startup is Byju’s, which hails from the edtech space. Other edtech startups like Upgrad, Unacademy and Vedantu are already part of the coveted unicorn club.