Edtech startup Sunstone reported that it raised about Rs 280 crore (USD 35 million) in a funding round led by WestBridge Capital. Alteria Capital also participated in the funding round.

Established by Ashish Munjal and Piyush Nangru in 2019, Sunstone focuses on Higher Education. It had raised USD 28 million in Series B in October 2021. The company’s founder has said that the fresh capital will be used to start new programmes with a key focus on undergraduate technology programmes.

Sunstone has a presence in 40 institutions across more than 35 cities and is building capacities to expand into 100 cities across the country in the next two years. Its leadership believes that the Indian higher education system is the brink of a long overdue transformation. Sunstone will enable this much-needed transformation and impact the lives of millions of students.

The company, which started with post-graduate management education, later ventured into undergraduate programmes for the first time. In the past two years, the company has claimed to have registered a 10-fold growth.

Founded in 2000, WestBridge Capital is an investment firm that seeks to partner with some of India’s most promising mid-sized companies run by outstanding entrepreneurs and management teams for the long term. WestBridge Capital’s Managing Partner Sandeep Singhal has said that gradually rising demand brings an opportunity to double down our investment to support Sunstone’s mission of transforming the higher education sector in India.
Alteria Capital is India’s largest Venture Debt fund. It was founded in 2018 and focused on innovative startups backed by strong VC sponsors.