Indian Ed-tech platform, Simplilearn has raised $45 million in a funding round led by GSV Ventures, Clal Insurance, and ADQ. The Blackstone-backed upskilling platform has defied all odds ailing Ed-tech firms in the country to secure the latest funding.
In a press statement, Simplilearn said the fresh fundraising round would further boost its growth prospects worldwide. The startup that offers digital skilling programs for professionals, enabling learners to upskill and get certified in fast-growing digital domains, has seen significant growth in the past year.
More than 1,20,000 paid business-to-consumer (B2C) and 100,000 paid enterprise learners have joined the Indian ed-tech startup’s platform. The press statement claimed that there are 2 million additional free learners on top of this.
“Simplilearn continues to be focused on bridging the digital skill gap. Last year, the Blackstone investment came at an ideal time to boost our growth globally and further strengthen our customer-centric approach,” said Krishna Kumar, founder and CEO of Simplilearn.
Funding comes at a time when the industry is going through turmoil
Simplilearn, founded in 2010 by Kumar, is based in San Francisco, California, and Bangalore, India, and provides individuals and businesses worldwide with access to work-ready training. The Ed-tech startup has strategically deployed funds following the Blackstone investment in August 2021, enabling exponential yet mindful growth over the past year.
In collaboration with educational institutions such as Caltech CTME, MIT Schwarzman College of Computing, UMass Amherst and the Isenberg School of Management, Purdue University, Wharton Online, IIT Roorkee, and IIT Kanpur, as well as companies such as IBM, Microsoft, Amazon, Meta, and KPMG, the company develops skilling programs.
“We have partnered with GSV Ventures, an investor with a strong track record in the education sector, along with co-investors Clal Insurance and disrupted. This funding came at a time when the industry is going through turmoil and stands as a testimony to our steady, profitable growth,” Krishna Kumar, founder, and CEO, of Simplilearn, said.
In its financial assessment for FY22, the company’s losses increased to 149.9 crores from 5.65 crores. In contrast, its consolidated revenue from operations increased by nearly 41% to 479.7 crores from 340.9 crores as reported in the last fiscal.
