On Tuesday, Edtech firm NxtWave said it had raised $33 million (roughly 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 round.

Founded by IIT Bombay, IIT Kharagpur and IIT Hyderabad alumni Sashank Reddy Gujjula, Anupam Pedarla and Rahul Attuluri, NxtWave plans to use the fund for organic and inorganic business expansion in domestic and foreign markets.

The company claims that more than 1,250 companies have hired thousands of NxtWave learners over the past few years.

Over the next few years, NxtWave plans to invest funds in products and content, recruit more than 10,000 companies to hire its learners and meet the skills needs of the industry, make acquisitions and expand into multiple regions of the country, a statement said.

As part of the deal, Nandan Desai, MD, co-head of GPC India, will join NxtWave’s board of directors.

According to a Morgan Stanley report, India’s IT exports are expected to triple from $178 billion to $527 billion in the next eight years, bringing abundant employment opportunities to Indian youth.

Nearly 63% of Indian graduates are unemployed, and India is expected to create 30 lakh new tech jobs within a few years, said Anup Jain, managing partner at Orios Venture Partners.