Scaler, a tech upskilling startup, has raised $55 millionin a Series B round led by new investor Lightrock India and two existing investors, Sequoia Capital India and Tiger Global, for a total valuation of $710 million.
With this new round of funding, Scaler Academy’s total capital raised now stands at $76.5 million. In January 2020, Sequoia India and Tiger Global led a Series A round for the Bengaluru-based startup.
According to a press release, the new funds will be used to fund international expansion plans, the launch of new products and services, strategic acquisitions, and expanding the company’s customer base in India and globally.
Scaler was founded in 2019 with the goal of upskilling college students and tech professionals. The company offers a six-month intensive computer science course delivered live by industry leaders and subject matter experts.
Scaler students are mentored and taught by experts from companies such as Google, Facebook, Intuit, Microsoft, Amazon, Hotstar, and Snapdeal. The company paid $1 million for the coding platform Coding Element in August.
According to Scaler, the learners on the platform see a 4.5X RoI (return on investment) from the courses. The company further added that it has over 380 alumni in just these 9 companies including Microsoft, Google, Uber, Amazon, Paypal, Adobe, VMWare, Intuit, Mcafee and the cumulative annual salary of Scaler graduates is more than Rs 600 crore as of today.
Currently, Scaler consists of over 800 employees and there are over 1,000 technology professionals who work part-time as career coaches, teaching assistants, and mentors with the company.
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