EdTech company NxtWave raised $2.8 million pre-series A funding led by Orios Venture Partners and Better Capital, the company said in a statement. The company will utilize the fund to expand the team, accelerate product development and penetrate in the existing market to increase revenue growth.
Launched amidst the pandemic in September 2020, NxtWave is bootstrapped, cash-flow positive and has profitably grown by 9X in the last 10 months to $7.5 Million ARR, the company said in a statement.
The company has been founded by IIT Bombay, IIT Kharagpur and IIIT Hyderabad alumni – Sashank Reddy Gujjula, Anupam Pedarla and Rahul Attuluri. NxtWave is on a mission to become India’s largest online employability platform and aims to produce 1 million new-age developers every year.
People like Ravi Bhushan (Founder, BrightChamps), Ramakant Sharma(Founder, LivSpace), Vikram Kailas(Cofounder, Mytrah Energy), Umang Kumar(Cofounder & President, CarDekho), Chakradhar Gade(Cofounder, Country Delight), Anupam Mittal(Founder, Shaadi.com), Vikas Malpani(Cofounder, Leher & Commonfloor), Rajesh Shawney(Founder, GSF Accelerator), Nandu Nandkishore(Professor ISB & Former Global CEO Nestlé Nutrition) and Shaji Devakar(Executive Director, IIFL Wealth) and Giridhar Malpani(Founder, Climber Capital) have invested in the company.
Speaking about the development, Rahul Attuluri, CEO, NxtWave, said, “We believe that the Digital Pedagogy must be radically different for small-town India to create transformative learning experiences. To achieve this, we have adopted a multi-pronged approach in designing our continuous career building programmes leveraging technology, pedagogy and vernacular content.”
“We’ve been successful in breaking critical barriers to learning the right skills and achieving a tech job. Along the way, we are also breaking many myths. Our NxtWave learners who are now in successful high-paying tech jobs have started with us from non-engineering degrees, from non-metros and without any programming background. Our hyper-focus on career outcomes fueled with strong customer love helped us unlock a stellar growth in such a short span,” added Attuluri.
Speaking about the development Anup Jain, Managing Partner, Orios Venture Partners said “Every year, India sees 10 million plus engineering students graduate from small-town India’s numerous engineering colleges. Their skills are widening vs the demands of the industry due to outpacing of the curriculum and constraints around pedagogy. These students are more comfortable in a mix of vernacular and English and can scale to achieve similar heights as their large city counterparts with the right platform. This opportunity is valued at $8 billion annually and growing. We are thrilled to join Nxtwave in its journey to address this gap and help them achieve their large vision.”
“NxtWave’s vernacular & semi-synchronous format is a brilliant innovation that plugs a massive gap for Bharat students and early professionals and creates an on-ramp for them into the fast-growing tech ecosystem – and in a way that was never done before”, added Vaibhav Domkundwar of Better Capital, an early backer of breakout edtech companies like Teachmint, Skill Lync, Filo & others.