Startup for upskilling NxtWave has secured $33 million in its most recent round of funding, which was headed by private equity company Greater Pacific Capital (GPC). Orios Venture Partners, an earlier investor, also took part in the new round.
NxtWave stated in a news statement that it intends to use the cash to invest in products and content, onboard more than 10,000 firms to recruit its learners and satisfy the industry’s demand for qualified labor, and carry out acquisitions in the coming years. The business will also spread throughout the nation’s many regions.
The Hyderabad-based company had previously secured $2.8 million in pre-Series A fundraising, with Orios Venture Partners and Better Capital as the main investors.
NxtWave, a company founded by Sashank Reddy Gujjula, Anupam Pedarla, and Rahul Attuluri, is developing an online platform for employability for employment in cutting-edge technology. Over 1,250 businesses, including Amazon, Google, Goldman Sachs, and Jio, have employed thousands of NxtWave students over the past two years, the company claims.
In the previous two fiscal years, the 2.5-year-old firm was able to expand its size at a blistering rate. The size of NxtWave increased by 4X to Rs 30.18 crore in FY22 from Rs 7.14 crore in FY21. According to its annual financial report submitted to the RoC, its profit increased 65X to Rs 2.6 crore in FY22 from a little under Rs 4 lakh in FY21.
Nxtwave competes with Simplilearn, upGrad, Scaler by InterviewBit, Newton School, and Masai School in the supkilling market directly or indirectly.
