Hyderabad-based upskilling platform has raised $33 million in a Series A round led by Greater Pacific Capital (GPC), an international private equity firm. NxtWave’s existing investor Orios Venture Partners also participated in the latest funding round.
This is the second round of funding raised by the company, taking the total amount of funding raised to $35.8 million. Earlier in December 2021, the edtech startup had raised $2.8 million in its pre-Series A funding led by Orios Venture Partners and Better Capital.
NxtWave said it plans to utilise the funds to further enhance the learning experience of users by investing in its product and content. It will also be onboarding 10,000+ companies to hire its learners and fulfil the skilled talent requirements of the industry. It also plans to undertake acquisitions in the next couple of years and expand to multiple geographies within the country.
Founded by IIT Bombay, IIT Kharagpur, and IIIT Hyderabad alumni—Sashank Reddy Gujjula, Anupam Pedarla, and Rahul Attuluri—NxtWave is building an online employability platform for new-age technology careers.
“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,” said Rahul Attuluri, Co-founder and CEO, NxtWave.
“With NEP 2020, the Indian government has created a highly supportive environment for skill-based learning. This decade belongs to India,” he added.
Over the last couple of years, over 1,250 companies, from fast-growing startups to Fortune 500 giants, have hired thousands of learners from NxtWave, said the startup.
As part of the transaction, Nandan Desai, MD and Co-Head of India for GPC, will join NxtWave’s Board.
“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 rapidly scale its platform and provide access to high-quality education and training for India’s youth for this exciting global growth area,” added Ketan Patel, Founder and CEO of GPC.
Avendus Capital acted as the exclusive financial advisor to NxtWave on the transaction. Shardul Amarchand Mangaldas & Co. and Cyril Amarchand Mangaldas acted as legal counsel to NxtWave and GPC, respectively.
