NxtWave, an EdTech platform whose mission is to bridge the gap between industry & academia by rapidly building industry-relevant skills in people, has raised $33 million (INR 275 crores) in its latest funding round led by Greater Pacific Capital (GPC), an international private equity firm. The round also witnessed participation from existing venture investor Orios Venture Partners.
With the recent fundraising, the Hyderabad-based firm plans to invest in product & content, onboard more than 10,000 companies to hire its learners, fulfil skilled talent requirements of the industry and undertake acquisitions in the next couple of years. NxtWave is also planning to expand to multiple geographies within the country, according to the company’s statement.
Founded by IIT Bombay, IIT Kharagpur, and IIIT Hyderabad alums, Sashank Reddy Gujjula, Anupam Pedarla, and Rahul Attuluri, NxtWave offers vernacular, asynchronous, and online cohort-based training programs in Industry 4.0 Tech career tracks for college students, graduates, and early professionals. The upskilling startup aims to build India’s largest online employability platform for tech careers without a conventional college degree.
Speaking about the capital raised, Co-founder & CEO of NxtWave, Rahul Attuluri, said:
We’re excited to have GPC as a new partner in our journey. Making India a powerhouse of technologies starts with upskilling our youth. Together, we’ll bring high-quality, employability-focused education to India’s youth and equip them for the jobs of the future at scale. With NEP 2020, the Indian Government has created a highly supportive environment for skill-based learning. This decade belongs to India.
NxtWave claims that over 1,250 companies, including Amazon, Google, Goldman Sachs and Jio, have hired thousands of NxtWave learners in the past few years.
Adding about the investment, Founder & CEO of GPC, said:
India needs to build the capacity to provide quality learning, particularly in artificial intelligence, for 500 million young Indians. Leveraging technology to fill this gap is the key to unlocking India’s economic potential and providing quality employment to its youth, which NxtWave is doing. We are excited to partner with NxtWave to scale its platform rapidly.
As part of the transaction, Nandan Desai, MD and Co-Head of India for GPC, will join NxtWave’s Board. Avendus Capital acted as the exclusive financial advisor to NxtWave on the transaction. Shardul Amarchand Mangaldas & Co. and Cyril Amarchand Mangaldas served as legal counsel to NxtWave and GPC,
respectively.
In 2021, NxtWave had raised $2.8 million in a pre-Series A funding round led by Orios Venture Partners and Better Capital.
