The round, which also saw participation from Alteria Capital, comes within a year of the Gurgaon-based company raising $28 million from investors led by WestBridge Capital.
The fresh capital will be used to expand into newer segments of learning, with a key focus on undergraduate tech programmes, Ashish Munjal, cofounder of Sunstone, told ET.
The current round takes the total capital raised by the company to almost $69 million.
Sunstone, founded by Munjal and Piyush Nangru, offers higher education programmes in partnership with colleges and private universities. It works with corporates to develop industry-ready programmes for both postgraduate and the undergraduate students.
The startup provides a hybrid learning model and helps Indian colleges manage aspects around technology, curriculum and supply.
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Sunstone, which started with a focus on post-graduate learning, is scaling its university partnerships in the undergraduate segment, across courses in bachelors of business administration (BBA) and bachelors of computer application (BCA).
The company has also scaled its student enrolments from 250 in-class in 2019 to 1,800 in 2021. It looks to help 6,000 students enrol in-class in 2022, Munjal told ET.
“The only reason we weren’t focusing on undergraduate courses earlier is because we didn’t want to spread ourselves too thin,” said Munjal. “BBA course, for us, is doing very good this year. We will start doubling down on UG from next year.”
Starting with post graduate management education, Sunstone ventured into undergraduate programmes in 2021. “We will go deep into BTech next year, with BTech contributing to 20% of our enrolments in the future,” Nangru said.
“Over the last year, we have seen Sunstone grow and continue to upgrade the quality of education provided to every student. Seeing the ever increasing demand and its potential to be a major disruptor, we are excited to double down our investment to support its mission of transforming the higher education sector in India,” said Sandeep Singhal, managing partner, WestBridge Capital.
Sunstone claims to have presence across more than 35 cities and tieups with 40 institutions, as it looks to build capacities to expand into 100 cities across the country over the next two years.
Other investors in the startup include Saama Capital and Prime Venture Partners.
