Ed-Tech company NxtWave has raised US$33 million led by Greater Pacific Capital (GPC)3 weeks ago Sruthi Malla
- NxtWave plans to utilize the funds to
- Further, enhance the learning experience by investing in product & content
- Onboard 10,000+ companies to hire its learners and fulfill the skilled talent requirements of the industry
- Undertake acquisitions in the next couple of years
- Expand to multiple geographies within the country
A recession followed by a pandemic left the future of lakhs of freshers since last two years as a question mark, and hiring freezes had made their situation much miserable. But those who realized the value of upskilling in bumpy economic situations chose “Nxtwave” wisely to learn and channel towards high-paying jobs with the proper skill set.
Nxtwave is unique compared to the rest of the upskilling and Ed-tech platforms out there. They start their training by fine-tuning the mindset of the students so that they know what’s ahead and how to achieve mastery of the subjects they learn. Irrespective of your major field of study, you can still join a course in computer science and grab a high-paying job. With this unique USP, Nxtwave created a pool of highly qualified hires for companies and gave hope to lakhs of people who chose to learn with them.
This week, NxtWave has raised US$33 million in its latest fundraising round, led by Greater Pacific Capital (GPC), a leading international private equity firm. NxtWave’s existing venture investor Orios Venture Partners, also participated in the current round.
Founded by IIT Bombay, IIT Kharagpur, and IIIT Hyderabad alumni – Sashank Reddy Gujjula, Anupam Pedarla, and Rahul Attuluri, NxtWave is building India’s largest online employability platform for new-age technology careers. The company has successfully created job-ready tech professionals through its training programs. Over the last couple of years, 1250+ companies, from fast-growing startups to Fortune 500 giants, have hired thousands of NxtWave learners.
Regarding the new funding, Rahul Attuluri, Co-Founder & CEO – NxtWave, 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.”
According to Morgan Stanley’s ‘Why this is India’s Decade’ report, India’s IT exports are expected to grow threefold in the next 8 years, from US$178 billion to US$527 billion. This brings abundant career opportunities for India’s youth. NxtWave is bridging the widening industry-academia gap by providing career paths to these opportunities with an industry-relevant curriculum.
Mr. Ketan Patel, Founder and CEO of GPC, commented, “India has world-class engineering institutes, and as the country positions itself as one of the leaders of the information era, the country 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 rapidly scale its platform and provide access to high-quality education and training for India’s youth for this exciting global growth area.” Nandan Desai, MD and Co-Head of India for GPC, will join NxtWave’s Board as part of the transaction.
Speaking about the investment Anup Jain, Managing Partner, Orios Venture Partners, said, “Nearly 63% of Indian graduates are unemployed, and an estimated 30 lakh new tech jobs are projected to be created in India within a few years. This gap opens up a total tech-upskilling opportunity of over $8 billion annually. NxtWave has proved it can successfully bridge this gap and is now ready for its next growth phase across India.”
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.
For more information: http://nxtwave.in
Founded by IIT Bombay, IIT Kharagpur, and IIIT Hyderabad alumni – Sashank Reddy Gujjula, Anupam Pedarla, and Rahul Attuluri, NxtWave is on a mission to build India’s largest online employability platform for tech careers without the need for a conventional college degree. It offers vernacular, asynchronous, and online cohort-based training programs in Industry 4.0 Tech career tracks for college students, graduates, and early professionals. In the last few years, 1250+ companies, from fast-growing startups to Fortune 500 giants, have hired thousands of NxtWave learners.
For more information on NxtWave, please visit: http://nxtwave.in
About Greater Pacific Capital
GPC is a leading international private equity investor focused on delivering a solid development impact alongside financial returns, with a measurable impact on the UN’s Sustainable Development Goals. The firm was founded in 2005 and has invested and mobilized over US$1 billion of capital in high-growth companies in core sectors of the Indian economy, including financial services, technology, and healthcare. This is GPC’s fourth investment from its latest fund, alongside investments in Enzen Global Solutions Pvt. Ltd., a leading global provider of energy efficiency solutions to utilities, Near Pte., a rapidly growing software-as-a-service (SaaS) platform focused on location as a driver of value, and Muthoot Microfin, one of India’s largest microfinance institutions.
For more information on GPC, please visit: http://greaterpacificcapital.com
About Orios VP:
Launched in 2013, Orios Venture Partners is one of India’s leading technology Venture Capital funds primarily investing in India-focused startups and businesses. Each investment is backed with continuous support in strategy, operations, marketing, and fundraising to help them break out cost-effectively and build loyal customers. Notable portfolio companies include Pharmeasy, Country Delight, Battery Smart, Beato, Karbon, Zupee, and Kenko.
For more information visit: http://www.oriosvp.com/