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Sunstone Eduversity, an edtech start-up that offers industry-ready higher education programmes that allows students to pay their course fees after they get placed in jobs, has raised Rs 11.35 crore in a seed round led by Prime Venture Partners. LetsVenture, PS1 Ventures and Rajul Garg also participated in this funding round.
Sunstone, according to its founders Ashish Munjal and Piyush Nangru, will use the money to build its network of colleges across various cities and strengthen its technology platform and develop the curriculum.
Sunstone Eduversity is now present in five colleges in three cities – Delhi-NCR, Bengaluru and Indore. In the next one year, it plans to tie up with 15 colleges in nine cities, including in Jaipur, Chandigarh, Hyderabad, Pune, Kolkata and Mumbai.
Sunstone was founded by Rajul Garg in 2015 and Munjal and Nangru, both alumni of IMT Ghaziabad, took over the business and the brand in 2018-19. This year, Sunstone selected 300 students out of 4,200 applications.
According to Munjal and Nangru, Sunstone charges a registration fee of Rs 65,000 and allows the students to pursue their MBA programme without having to worry about paying fees. It helps the students in their placement and collects the course fee, which is ten times the monthly income that the students will earn. The students will have to pay this money, obtain a no-due certificate from Sunstone after which they will be allowed to appear for their final examinations.
They said that while the physical infrastructure would belong to the colleges/institutions with which Sunstone tied up, Sunstone would design the course curriculum and take care of the academics. It would also tie up with companies to develop industry-ready specialisations in areas such as BFSI, logistics, sales management and digital marketing.
Amit Somani, Managing Partner, Prime Venture Partners, an early-stage venture fund, said Prime found Sunstone Eduversity an attractive investment bet because of it was a combination of edtech and fintech and due to the unique pay-after-placement model that it adopted.
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