Edtech firm NxtWave on Tuesday said it has raised $33 million (about Rs 272 crore) in its latest funding round led by private equity firm Greater Pacific Capital.
NxtWave's existing venture investor Orios Venture Partners also participated in the funding round.
Founded by IIT Bombay, IIT Kharagpur and IIIT Hyderabad alumni Sashank Reddy Gujjula, Anupam Pedarla and Rahul Attuluri, NxtWave plans to use the fund for organic and inorganic expansion of business in both domestic and overseas markets.
"We are excited to have Greater Pacific Capital (GPC) as a new partner in our journey. Making India a powerhouse of technologies starts with upskilling our youth. Together, we will bring high-quality, employability-focused education to India's youth and equip them for the jobs of the future at scale," NxtWave co-founder and chief executive officer (CEO) Rahul Attuluri said.
The company claims that over the last couple of years, more than 1,250 companies have hired thousands of NxtWave learners.
NxtWave plans to invest the funds in product and content, onboard over 10,000 companies to hire its learners and fulfill skilled talent requirements of the industry, undertake acquisitions in the next couple of years and expand to multiple geographies within the country, a statement said.
Nandan Desai, managing director (MD) and co-head of India for GPC, will join NxtWave's board as part of the transaction.
According to a Morgan Stanley report, India's information technology (IT) exports are expected to grow threefold in the next 8 years, from $178 billion to $527 billion which brings abundant career opportunities for India's youth.
"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," GPC Founder and CEO Ketan Patel said.
Orios Venture Partners Managing Partner Anup Jain said that nearly 63 per cent 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 USD 8 billion annually. NxtWave has proved it can bridge this gap successfully and is now ready for its next phase of growth across India," Jain said.
