InterviewBit, a Bangalore-based startup that operates an advanced online computer science program for college graduates and young professional engineers, raised $ 20 million in one of the largest Series A funding rounds in the education sector.
The Series A round of the five-year-old startup was led by Sequoia India, Tiger Global and Global Founders Capital among other things, it said. The startup announced that it was renaming its online coding program, formerly called InterviewBit Academy, to Scaler Academy.
InterviewBit was switched to an income model nine months ago, where students have the option to pay a large part of the coaching fee after finding a job. The concept, which is also known as the human capital contract, has been around for decades, but is gradually becoming established.
According to the startup, more than 2,000 students have so far registered for the six-month program. So far, seven batches have been carried out, one of which is in the United States. Over 200,000 applications were received. And "several hundred" of those who signed up for the program got jobs at technology companies like Google. Amazon and Microsoft.
Students enrolled at the Scaler Academy are supervised and taught by technology leaders and subject matter experts who work with organizations such as Google, Facebook, Twitter and Netflix. The startup says it works with over 600 companies.
The start-up, which is part of Sequoia India's Surge Accelerator program, will use the new fund to expand its registration and open up new markets. It is also planned to invest in its curriculum and in the product of live teaching.
The Indian newspaper Times of India reported on the funding round last year for the first time, saying InterviewBit is valued at over $ 100 million.
"Within a short period of time, the Scaler Academy has had a tremendous impact on the skills of our students, who spend an average of 4 to 5 hours a day on our online and live learning platform," said Abhimanyu Saxena, co-founder of InterviewBit.
"We are very pleased that our work is gradually changing the way our students' careers function, which is why we have renamed it Scaler Academy, a platform for excellence in software programming," he added.
A recent report by the National Employability Report Engineers 2019 highlighted that Indian engineers are still only 20% employable. "With that in mind, the Scaler Academy's carefully structured 6-month online program improves coding skills for professionals by creating a modern curriculum using the latest technology," said the startup.