Startup for upskilling NxtWave has raised $33 million in its most recent round of funding, which was led by private equity company Greater Pacific Capital (GPC). Orios Venture Partners, an earlier investor, also took part in the new round.
NxtWave stated in a news statement that it intends to use the cash to invest in product and content, onboard more than 10,000 firms to hire its learners and fill the industry’s demand for qualified labour, and carry out acquisitions in the coming years. The business will also spread throughout the nation’s many regions.
The Hyderabad-based company had previously raised $2.8 million in pre-Series A fundraising, with Orios Venture Partners and Better Capital as the main investors.
NxtWave, a company founded by Sashank Reddy Gujjula, Anupam Pedarla, and Rahul Attuluri, is developing an online platform for employability for employment in cutting-edge technology. Over 1,250 businesses, including Amazon, Google, Goldman Sachs, and Jio, have hired thousands of NxtWave students over the past two years, the company claims.
In the last two fiscal years, the 2.5-year-old company was able to expand its scale at a blistering rate. The scale of NxtWave increased by 4X to Rs 30.18 crore in FY22 from Rs 7.14 crore in FY21. According to its annual financial report submitted to the RoC, its profit increased 65X to Rs 2.6 crore in FY22 from just under Rs 4 lakh in FY21.
Nxtwave competes with Simplilearn, upGrad, Scaler by InterviewBit, Newton School, and Masai School in the supkilling market directly or indirectly.
This edtech acquisition represents the greatest funding in the current calendar year. The financial cold particularly hurt the edtech sector. According to a research by Entrackr, startups in the sector raised $5.8 billion in 2021, which dropped to $2.3 billion in 2022. In terms of fundraising, the section dropped from second to fifth place within the time frame.